What is the meaning of the word "labor market"?
The functioning of the labor market is crucial for economic efficiency and the overall health of an economy, impacting everything from productivity to social stability.
Definitions:
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A major part of the economy and is linked tot he markets for goods, services, and capital.
NOUN
- The labor market is a crucial determinant of economic prosperity, at it connects employers and workers to facilitate the exchange of labor for compensation.
- The labor market is a crucial determinant of economic prosperity, at it connects employers and workers to facilitate the exchange of labor for compensation.
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Refers to the supply and demand for labor, where employees provide the supply and employers provide the demand. NOUN
- Changes in technology and consumer preferences can alter the demand for specific skills in the labor market, leading to shifts in employment patterns.
- Changes in technology and consumer preferences can alter the demand for specific skills in the labor market, leading to shifts in employment patterns.
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The place where employers and workers interact to exchange labor for wages. NOUN
- Globalization and the rise of international trade have influenced the labor market by increasing competition and creating new opportunities for workers.
- Globalization and the rise of international trade have influenced the labor market by increasing competition and creating new opportunities for workers.