ABSTRACT
Labor is the aggregate of all human physical and mental effort used in the creation of goods and services. It is a primary factor of production (BusinessDictionary.com, 2015a).
The labor market is the nominal market in which workers find paying work, employers find willing workers, and wage rates are determined. Labor markets may be local, national, or international in their scope and are composed of smaller, interacting labor markets for different qualifications, skills, and geographical locations. They depend on exchange of information between employers and job seekers about wage rates, conditions of employment, level of competition, and job creation (BusinessDictionary.com, 2015b).
