LABOUR MARKET
The labor market refers to the supply and demand for labor, where workers offer their skills and services, and employers seek to hire labor to perform tasks. It operates based on wages, working conditions, and the availability of jobs in various sectors. Factors influencing the labor market include education, skills, location, and economic conditions. The supply side consists of individuals looking for work, while the demand side includes employers seeking to hire workers. The interaction between supply and demand determines wage levels, employment rates, and job availability. A well-functioning labor market can lead to full employment, while imbalances may cause unemployment or skill shortages.