Labour market

The labour market exits if there are people who works or favourable to work for pay. This may be geographical location where Labour is bought and sold. In most cases, this need not to be a physical market ; it is any abstract concept which involves the determination of wages by the interaction of supply and demand for labour. It led to the allocation and and pricing of labour resource based on the ability of employers to pay. Application or sellers of labour do not present themselves together to a buyer or employer and employers do not meet in one place to hire.