In the labor market, the average wage paid to the workers adjusts to balance the quantity of labor supplied and the quantity of labor demanded. The supply and demand for labor, wherein employees give the supply and employers provide the demand, are referred to as the labor market, also referred to as the job market.
It is a crucial part of every economy and is closely connected to the markets for capital, goods, and services. Dual labor market, by definition, refers to the idea that the American labor market is divided into two groups: the Primary Sector and the Secondary Sector.
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