![]() Today, over 3 billion people are either working or looking for jobs in the labor market, and each of these people has different skills and experiences. ![]() Companies from all over the world hire many different occupations such as engineers, business analysts, construction workers, designers. For this reason, the “product” in the labor market is labor, and the “price” of the labor is the wage rate. Without workers, firms could not produce goods and services and earn profits. ![]() On the other hand, firms who hire labor are the demanders for labor. In the labor market, workers supply labor, the valuable services they contribute to producing goods and services because they need money for food, rent, and other activities. Although the labor market works similar to the goods and services markets, the stories behind the demand and supply are different. Just like the goods and services markets, the labor market has supply and demand.
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