What is the concept of market under competition law?
The concept of a 'market'
The market can also be described as the “field of rivalry” between firms, whereby firms compete against each other to supply or acquire products.
In the application of competition law, the market that is the subject of a competition assessment is often referred to as the “relevant market”..
What is the labour market in a competitive market?
A perfectly competitive labour market is a market in which there are a lot of buyers and sellers and neither can influence the market wage.
Assume you were part of a perfectly competitive market.
This would mean that you wouldn't be able to negotiate the wage with your employer..
Where is the labour market?
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.
Description: A labour market in an economy functions with demand and supply of labour..
Why is competitive labor market crucial?
Inadequate competition takes power away from workers and gives it to employers, which distorts markets.
Not only are workers worse off—with lower wages and poorer quality jobs—but the lack of competition causes economy-wide losses and limits economic growth..
Why is it important to understand the labour market?
When someone receives good labour market information that leads to a good decision, it benefits the individual, the employer and the economy.
Clients need to know where the jobs are: the sectors , occupations and localities that where job opportunities are on the increase, and what skills are needed for them..
- The labor market, also known as the job market, refers to the supply of and demand for labor, for which employees provide the supply and employers provide the demand.
It is a major component of any economy and is intricately linked to markets for capital, goods, and services.
