What is Labour Market?
The ‘Labour Market’ or the ‘Job Market’ refers to the supply and demand for labour where the employer looks for the ideal candidate to fill the vacant position in their companies while the employees look for the perfect position.
It is a major part of the economy of any country. Labour markets arise in order to meet the supply and demand of employers and employees. There are multiple factors which affect the marketplace like unemployment, salary structures, retirement age, etc.
The aforementioned factors related to jobs exist since each individual employee in the market has their own expectations regarding their jobs and the marketplace should be able to fulfil them. Labour markets used to be bounded geographically. However, with the internet, the concept of a Global Job Market is slowly becoming a reality.