Job rationing occurs when the real wage is above the equilibrium level and there is a surplus of labor.
Labor is the amount of physical, mental and social effort expended to produce goods and services in an economy. We provide the know-how, people and services needed to turn raw materials into finished products and services.
The definition of work is physical or mental work or effort. An example of a job is studying hard for exams. An example of labor is a woman giving birth to a baby.
Labor represents the human factor in the production of goods and services in the economy. Finding enough people with the right skills to meet the growing demand. This often leads to higher wages in some sectors.
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