The job market in this case is characterized by Surplus of Labor.
What is the Surplus of Labor?
When there are more qualified applicants than there are open positions at a company or companies, there is an economic phenomenon known as the surplus of labor.
For instance, there is a labor excess in the mining, construction, and transportation sectors. There are more experienced professionals looking for work than there are open positions in their respective industries.
The labor market is distinguished by consistency, a lack of flexibility, and a range of pay for comparable employment.
What are the types of Job Markets?
- Perfect Market: The market is regulated and there is only one price in effect.
- Neoclassical Market: wages for workers in a particular skill classification tend to be equal.
- Natural Market: The benefits of the occupations they hold are not frequently compared to alternatives by employees.
- Institutional Market: Wage movements are influenced by union, employer, and governmental policies.
- Management Market: Implementation of state controls over labor allocation and wage setting
The job market in this case is characterized by Surplus of Labor.
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