LABOR MARKET Meaning and
Definition
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Labor Market is a term used to describe the interaction between employers and employees in the marketplace, where individuals offer their skills, services, and labor in exchange for wages or salaries. Also known as the job market or employment market, it represents the supply and demand for labor within an economy.
In a labor market, employers seek to fill their workforce needs by offering employment opportunities, while individuals actively seek employment to earn a living. The labor market is dynamic and subject to fluctuations, influenced by various factors such as the overall economic conditions, business cycles, technological advancements, government policies, and demographic changes.
The labor market is characterized by the existence of both a labor supply and a labor demand. The labor supply refers to the number, skills, and qualifications of workers available in the economy, while labor demand represents the number of jobs and positions that employers seek to fill. The interaction between these two components determines the equilibrium wage levels and employment rates within the labor market.
The concept of the labor market is fundamental to the study of economics, as it helps in understanding the allocation of human resources, wage determination, unemployment levels, and overall economic growth. Policy-makers, businesses, and individuals all closely monitor the labor market to make informed decisions regarding employment, training, investment, and career choices.
Common Misspellings for LABOR MARKET
- kabor market
- pabor market
- oabor market
- lzbor market
- lsbor market
- lwbor market
- lqbor market
- lavor market
- lanor market
- lahor market
- lagor market
- labir market
- labkr market
- lablr market
- labpr market
- lab0r market
- lab9r market
- laboe market
- labod market
- lbor market
Etymology of LABOR MARKET
The word "labor" comes from the Latin word "labor", meaning "toil, work, or exertion". It made its way into English in the late 14th century. On the other hand, the word "market" traces back to the Latin word "mercatus" which means "trading, buying, selling, or a marketplace". It entered Middle English in the early 12th century.
The term "labor market" emerged in the mid-19th century, combining the words "labor" and "market". It refers to the interaction between employers (demand for labor) and employees (supply of labor) in the economy. The labor market can be thought of as the marketplace where people offer their skills and services in exchange for wages or salaries.
Similar spelling words for LABOR MARKET
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