Financial Glossary: Labor Market


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Labor Market

Labor Market

The input/factor market in which households supply work for wages to firms that demand labor.

Labor markets function through the interaction of workers and employers. Labor Economics looks at the suppliers of labor services (workers), the demanders of labor services (employers), and attempts to understand the resulting pattern of wages, employment, and income.

It is an important subject because unemployment is a problem that affects the public most directly and severely. Full employment (or reduced unemployment) is a goal of many modern governments.

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