SOC227H5 Lecture 3: soc227 lecture 3
Document Summary
There is a demand side, you are the employer and create the demand. Supply side is someone who is trying to sell a product on behalf of company this is the one actually doing the job. The rewards can lead to prestige or money etc. Indirect rewards gifts, perks and dental health coverage. Any sort of activity that is generated via that relationship such as money is included in gdp. Informal no included in gdp at the end of the day, these markets are huge, these are not getting reported because getting paid via wages in cash and not going back into the economy. Labour markets can be physical, but now a days they are online or something. Example of exchange is made in spot market hiring informal workers and just going for short term day labour. Can be defined by industry, product, region etc. In news labour markets get reported in terms of geography.
