- chapter 9
The labour market
On the labour market, as in all markets, supply and demand come together. The price created on the labour market is the wage. The labour market consists of many different market segments. Each sector, branch of industry or profession has its own labour market. The market for plumbers is another one than the market for nurses. The market for plasterers is another one again than the market for accountants. These market segments are separated from each other. A jobless construction worker cannot just start to teach pupils, nor will you easily find a professor behind a cash register in a supermarket.
Who are the suppliers on the labour market? According to the definition used by the CBS they are all the people who have or seek paid jobs for more than 1 hour per week. Consumers on the labour market are enterprises and organisations such as construction firms, educational institutions and hospitals that have or want to have people in paid employment for more than 1 hour per week.
Glossary chapter 9
demand for labour
The quantity of labour or workers which employers jointly want to buy (= employ). It consists of employment and vacancies.
The total population in the age bracket between 15 and retirement age.
labour participation rate
The percentage that indicates what proportion of the population in the age bracket between 15 and retirement age works or wants to work.
The production per person per time unit (such as an hour or a working year).
supply of labour
(= working population) Persons in the age bracket between 15 and retirement age who want to work and can work: they offer their working (power) on the labour market. It consists of the people in employment, self-employed persons and the registered jobless people.
Vacant jobs for which employees are sought.
Persons in the age bracket between 15 and retirement age who want to work and can work: they offer their labour (working power) on the labour market. It consists of the people in employment, self-employed persons and the registered jobless people.
The number of hours worked by someone with a full-time job and a normal employment contract in a year. A working year may hold a number of part-time jobs.