Labor market
Labor Market
The Labor Market (pronounced: /ˈleɪbər ˈmɑːrkɪt/), also known as the Job Market, is a term used in Economics to describe the marketplace for labor where employers find workers and workers find jobs. The labor market operates under the laws of Supply and Demand, where the supply is the workers and the demand is the jobs.
Etymology
The term "Labor Market" is derived from the Latin word "laborare" meaning "to work", and the Old French "marché" meaning "marketplace".
Related Terms
- Employment: The state of having a job or occupation.
- Unemployment: The state of being without a job, but seeking work.
- Wage: The fixed regular payment earned for work or services.
- Job: A paid position of regular employment.
- Economy: The wealth and resources of a country or region.
- Supply and Demand: The amount of a commodity, product, or service available and the desire of buyers for it.
See Also
External links
- Medical encyclopedia article on Labor market
- Wikipedia's article - Labor market
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