The nominal market in which workers find paying
work, employers find willing workers, and wage rates
are determined.
Labor markets may be local or national (even international) in their scopeand are made up 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 location.
labor market is in the Economics, Politics, & Society
subject. labor market appears in the definitions of the following terms: labor supply,
Employment Situation Report, wages, frictional unemployment, and market pricing.
Economists make things neat and tidy but there have been so many disruptions to this "normal" labor market that we might want to consider a more realistic multi-tiered idea of the labor market...
All things being equal... Another term to describe the unlikely, if not impossible...
Ceteris Paribus
What Does Ceteris Paribus Mean?
Latin phrase that translates approximately to "holding other things constant" and is usually rendered in English as "all other things being equal". In economics and finance, the term is used as a shorthand for indicating the effect of one economic variable on another, holding constant all other variables that may affect the second variable.
Investopedia explains Ceteris Paribus
For example, when discussing the laws of supply and demand, one could say that if demand for a given product outweighs supply, ceteris paribus, prices will rise. Here, the use of "ceteris paribus" is simply saying that as long as all other factors that could affect the outcome (such as the existence of a substitute product) remain constant, prices will increase in this situation. Contrasts with "mutatis mutandis".
Filed Under: Banking, Economics
This little exercise scratches the surface of the jargon used to confuse the listener.
"What do you mean a constant supply of Oil at a constant price?" Have we ever experience a moment of Ceteris Paribus? Yet such 'freeze-frames' are needed by economists to make a point...
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