ELI5: Explain Like I'm 5

Labor market

A labor market is a place where people who want to work can go to find jobs. Employers will put up ads to tell people what kinds of jobs are available, and people can go to those ads to try to get hired. People who get hired will get paid for their work, usually with money. The amount of money they get will usually depend on what type of job they are doing and how much experience they have. The labor market is where employers and people who want to work meet up, and it helps to make sure there is enough work to go around.