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Labour, Labor
Definition: All forms of human input, both mental and physical, into current production.
Additional Info: The labour force is limited in number and skills and is therefore highly sensitive to demand and supply. Simply put, if supply shorts fall of demand it will result in wage inflation. If demand is smaller than supply it will result in unemployment and wage deflation. Related Terms: Labour Productivity - Non-Farm Employment Change - Initial Jobless Claims - Raw Materials - Capital - Factors of Production
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