Labor Market

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A Labor Market is a nominal market of work contracts in which workers (of a labor population) are matched with worker jobs (of a jobs population from employers demanding able workers).



References

2017a

  • (Wikipedia, 2017) ⇒ https://en.wikipedia.org/wiki/Labour_economics Retrieved:2017-5-31.
    • Labour economics seeks to understand the functioning and dynamics of the markets for wage labour.

      Labour markets or job markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income.

      In economics, labour is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work).

2017b

  • http://www.investopedia.com/terms/l/labor-market.asp
    • QUOTE: The labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. It is a major component of any economy, and is intricately tied in with markets for capital, goods and services.

      … At the macroeconomic level, supply and demand are influenced by domestic and international market dynamics, as well as factors such as immigration, the age of the population, and education levels. Relevant measures include unemployment, productivity, participation rates, total income and GDP.

      At the microeconomic level, individual firms interact with employees, hiring them, firing them, and raising or cutting wages and hours. The relationship between supply and demand influences the hours the employee works and compensation she receives in wages, salary and benefits.

2017c

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