labor market

  

Definition

The nominal market in which workers find paying work, employers find willing workers, and wage rates are determined.

Labor markets may be local or national (even international) in their scope and are made up of smaller, interacting labor markets for different qualifications, skills, and geographical locations. They depend on exchange of information between employers and job seekers about wage rates, conditions of employment, level of competition, and job location.


Use labor market in a sentence

  • You should know where you stand in the labor market to decide if you are getting paid the right amount.

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  • My dad was out on the labor market and could not find the right kind of job for him and that made me agitated.

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  • You should always strive to be at the top of the labor market so you get the best job offers you can get.

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