Labor or Service Market

The labor market is a key market in the economy, not only because it trades the most important factor of production, namely human labor. Even more important is its function as a link between the factors and cycles of money, labor, and production. Thus, it forms the key link between the economy and society, the key link between people and the economy. This socio-economic significance makes the labor market also an important “adjustment screw” and an important field of research in both economics and sociology. It is more dependent on human behavior than other markets and at the same time has sensitive and direct effects on people themselves and also on the economy.