Labour market

The labor market refers to the system where employers seek workers to fill job openings and individuals seek employment. It encompasses the supply of labor (people looking for jobs) and the demand for labor (employers needing workers). Factors like economic conditions, skills available, wages, and regulations affect this market. A strong labor market means more jobs and better wages, while a weak market can lead to higher unemployment and lower wages. Overall, it reflects the relationship between job seekers and employers within an economy.