labor market (Meaning)
labor market (n)
the market in which workers compete for jobs and employers compete for workers
Synonyms & Antonyms of labor market
No Synonyms and anytonyms found
labor market Sentence Examples
- The labor market is a crucial determinant of economic prosperity, as it connects employers and workers to facilitate the exchange of labor for compensation.
- In a competitive labor market, employers must offer competitive wages and benefits to attract and retain skilled workers.
- Changes in technology and consumer preferences can alter the demand for specific skills in the labor market, leading to shifts in employment patterns.
- Governmental policies, such as minimum wage laws and unemployment benefits, can have a significant impact on the dynamics of the labor market.
- Globalization and the rise of international trade have influenced the labor market by increasing competition and creating new opportunities for workers.
- Educational attainment is a key factor influencing an individual's position in the labor market, with higher education generally leading to better employment prospects.
- Labor unions play a vital role in the labor market by collectively bargaining for better wages, working conditions, and benefits for their members.
- Discrimination in the labor market can prevent individuals from obtaining jobs or promotions based on factors such as race, gender, or age.
- Economic recessions can have a devastating impact on the labor market, leading to widespread job losses and increased unemployment.
- Understanding the dynamics of the labor market is essential for policymakers and businesses seeking to promote economic growth and create a workforce that meets the demands of the changing economy.
FAQs About the word labor market
the market in which workers compete for jobs and employers compete for workers
No synonyms found.
No antonyms found.
The labor market is a crucial determinant of economic prosperity, as it connects employers and workers to facilitate the exchange of labor for compensation.
In a competitive labor market, employers must offer competitive wages and benefits to attract and retain skilled workers.
Changes in technology and consumer preferences can alter the demand for specific skills in the labor market, leading to shifts in employment patterns.
Governmental policies, such as minimum wage laws and unemployment benefits, can have a significant impact on the dynamics of the labor market.
