Labour market - definition, concepts and features

The labour market is a system where employers and workers interact for employment, wages, and working conditions. It helps in matching skills with job opportunities and plays an important role in economic growth, productivity, and employment generation. The labour market includes concepts like demand and supply of labour, wages, unemployment, labour mobility, and workforce participation. Its major features are competition, wage determination, skill variation, dynamic nature, and government regulation.

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#LabourMarket #HumanResourceManagement #HRM #Employment #Workforce #Wages #Economics #LabourDemand #LabourSupply #IndustrialRelations #EmployeeManagement #HRConcepts #BusinessStudies #ManagementStudies

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