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Preferred term

external labor markets  

Definition

  • Labor markets provide a mechanism for employers and employees to agree on terms for exchanging labor input for wages. In accepting an employment relationship, a worker agrees to receive wages (and other inducements) in exchange for submitting to the directives of the employing organization within some zone of indifference. [Source: Encyclopedia of Business in Today's World; External Labor Market]

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URI

https://concepts.sagepub.com/social-science/concept/external_labor_markets

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