Explanation:

The labor market is the place where the supply and the demand for jobs meet, with the workers or labor providing the services that employers demand. The worker may be anyone who wishes to offer his services for compensation, while the employer may be a single entity or an organization that is in need of an individual to do a specific job or to complete a task. The worker is then comparable to a seller while the employer is the buyer.

A common factor that connects the two entities is the salary or wage that is agreed to be received by the worker from the employer. In short, this is where workers can find work that suits their skills and qualifications and where both agree on the wages, benefits, and other forms of compensation for the worker.