Job market
Job market (or, the opposite, labor market; hereinafter, the Market) is the number of jobs that are available in a particular place or for a particular type of work. On this market, employers would like to exchange their employee compensations to one's willingness to perform employer's jobs, on the one hand, and, on the other hand, employment candidates would like to exchange their willingness to perform employer's jobs to employer's compensation.
In addition,
- For an employer, market is also an aggregate of all employment candidates who are able to do employer's jobs, available for that, and motivated by employer's compensation;
- For an employment candidate, market is also an aggregate of all employers who are willing to hire this employment candidate.
The Market refers to a medium, virtual or physical, that facilitates (a) employers and employment candidates search for each other, (b) negotiation of details of possible employment, and (c) making employment deals. Job market competitiveness refers to the ratio of employers and employment candidates for a particular job.
