Labour

Labour market flexibility refers to the speed with which labour markets adapt to fluctuations and changes in society, the economy or production.
The most famous distinction of labour market flexibility is given by Atkinson. He notes that there can be four types of flexibility - external numerical flexibility, Internal numerical flexibility, functional flexibility, financial or wage flexibility

Labour, or labor is a measure of the work done by human beings. Wage is a basic compensation for labour, and the compensation for labour per period of time is referred to as the wage rate.