Labor demand
CONCEPT IN ECONOMICS DESCRIBING THE NUMBER OF LABOR-HOURS AN EMPLOYER IS WILLING TO HIRE
Labour demand; Labor demand function; Labour demand function; Demand for labor; Labor Demand
In economics, the labor demand of an employer is the number of labor-hours that the employer is willing to hire based on the various exogenous (externally determined) variables it is faced with, such as the wage rate, the unit cost of capital, the market-determined selling price of its output, etc. The function specifying the quantity of labor that would be demanded at any of various possible values of these exogenous variables is called the labor demand function.