Labor markets refer to the supply and demand for labor, where employers seek to hire workers and individuals offer their skills in exchange for wages. These markets are influenced by various factors, including economic conditions, government policies, and demographic trends. Understanding labor markets is crucial for analyzing employment rates and wage levels. In a healthy labor market, job opportunities are abundant, and wages tend to rise. Conversely, in a weak labor market, unemployment rates increase, and wages may stagnate. Key concepts related to labor markets include unemployment, labor force participation, and minimum wage.