What Is the Labor Market: Definition, Main Features, Classifications
Labor is the most important factor of production and the main source of income for the economically active part of the population. Various types of income related to labor activity account for up to 75% of national income in developed countries.
The market always consists of buyers and sellers who form the supply and demand for a particular product or service. In this regard, the labor market is no exception: employers provide the demand for labor, and workers provide the supply.