Definition: A labour market is the place where workers and employees interact with each other. In the labour market, employers compete to hire the best, and the workers compete for the best satisfying job.
A labour market in an economy functions with demand and supply of labour. It is the availability of employment and labour, in terms of supply and demand.
This becomes important when students are thinking about the future career choices, therefore should play a big part of their education within school. Students will need to make informed choices in Year 8 as to what options they select for Key Stage 4, this could be determined by current and forthcoming labour market information. Another crucial time to be thinking about this economy and growth is in Year 10 and 11 when students have to decide where they would like to study Post 16, but more importantly, what they wish to study.
Every quarter students are provided with information on the current Labour Market across the country broken down into the different regions so they know where the growth sectors are and the average salaries for that region.
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