Labor markets refer to the interactions between employers (demand) seeking workers and individuals (supply) looking for employment opportunities. They are places where businesses hire employees, and workers provide their skills in exchange for wages.
Related terms
Unemployment Rate: The unemployment rate measures the percentage of people who are actively seeking employment but do not have jobs. It provides an indication of economic health and workforce dynamics within a country.
Minimum Wage: Minimum wage is the legally mandated lowest hourly wage that employers are required to pay their workers. It sets a baseline wage level to protect employees from exploitation and ensure a fair standard of living.
Labor Force: The labor force consists of all individuals who are either employed or actively seeking employment. It includes those who have jobs as well as those looking for work, excluding individuals who are not in the workforce (e.g., retired or full-time students).