Explanation:

- Option 1 - Income and pay:

- The labour market primarily facilitates the exchange of labour for monetary compensation.

- This compensation enables individuals to support themselves and their families.

- Option 2 - Social status:

- Employment can confer social status.

- It often reflects one's skills, education, and societal contributions.

- Option 3 - Both (a) and (b):

- The labour market provides both income and social recognition.

- It meets financial needs and contributes to one's societal standing.

- Option 4 - Job satisfaction:

- The labour market may offer job satisfaction.

- However, job satisfaction is not guaranteed, nor is it the primary function.

Correct Answer:

- Option 3 - Both (a) and (b): The labour market indeed serves both purposes.

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