a "place" in economic theory where labor demand and supply interact.
A term used to describe the supply and demand of people available for employment.
A place where labor is exchanged for wages. These places are identified and defined by a combination of the following factors: (1) geography (i.e., local, regional, national, international), (2) industry, (3) education, licensing or certification and (4) function or occupation.
A geographical or occupational area in which factors of supply and demand interact.
In the late 1990s and beginning of 2000, retailers throughout the U.S. noted that profits were hurt by the tight labor market. Because the unemployment rate was so low, retailers were having a hard time finding enough people to staff their stores. Even worse, the companies had to pay higher wages and offer more benefits to employees to persuade them to keep working for the retailer, or even to get them to work there in the first place. In a "loose" labor market, meaning that unemployment levels are relatively high, retailers are able to cut labor costs because people are more willing to work at retail jobs and accept lower pay packages.
The input/factor market in which households supply work for wages to firms that demand labor.