Labor markets refer to the supply and demand for workers in an economy. They consist of employers seeking to hire individuals and job seekers looking for employment. Factors such as wages, skills, and job availability influence how these markets operate. In a labor market, various sectors, such as technology, healthcare, and manufacturing, compete for talent. Economic conditions, such as unemployment rates and inflation, can also impact labor markets, affecting both the number of jobs available and the willingness of workers to accept certain positions.