How do labor markets operate and how do they connect to each other and the broader...

How do labor markets operate and how do they connect to each other and the broader economy?

Expert Solution

Explanation:

Labor market meant to be the market where different people will offer their working skills to different employers for exchange of wages or salary or any form of compensation in between them. Normally labor market participants are person who want to work for the compensation or salary. In labor market there are two functions to be performed, supply and demand for the labor. Employee being treated as the supply and employers are demand of the market. Labor markets operate through interaction of workers and employers, employers look for the employees and employees look out for the wages and salary being offered by the employers, they try to understand the resulting patterns of wages, employment and incomes.
Labor market get connected through digital platform to each other. Labor market work through the digital platforms like online job sites which enable the one labor market employee to enter in different labor market through this platform.

Rahul Sunny answered 2 years ago

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