How is the elasticity of demand for a product different from the elasticity of demand for labour?

Demand elasticity is a term that refers to the significant change in demanded quantities that is connected with the change in commodity price. When a market price shift induces a fairly large increase in demand, the good has high elasticity.

Labor demand elasticity analyses the response of labor demand to the shift in present market wage rate. The percentage shift in wage rate creates a change in employment is labor demand. Labor demand would become highly elastic as a company can replace labor and capital inputs efficiently and effectively.