Labor Market: The labor market is where buyers (employers) and sellers (workers) interact to determine wages and employment levels. It includes all industries and occupations where labor services are bought and sold.
Demand for Labor: The demand for labor refers to the number of workers that employers are willing and able to hire at different wage rates. It depends on factors such as business conditions, productivity, technology, and wages offered.
Labor Force Participation Rate: The labor force participation rate measures the percentage of working-age population (usually 16 years old or older) that is either employed or actively seeking employment. It provides insights into the proportion of people who are part of the potential supply of workers.