Unemployment - Determinant of Labor Market
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Authors:
• Oana Camelia IACOB, email: oanacamelia.i@gmail.com, Afiliation: Hyperion University, Bucharest, Romania
• Andrei Mihai CRISTEA, email: cristeaandm@yahoo.com, Afiliation: Hyperion University, Bucharest, Romania
• Ana- Maria VOLINTIRU, email: anavolintiru@gmail.com, Afiliation: Valahia University,Targoviste, Romania
• Dan Gabriel CRISTEA, email: dancristea2@yahoo.com, Afiliation: Hyperion University, Bucharest, RomaniaPages:
• 146|159 -
Keywords: labour market, labour demand, labour supply, unemployment, unemployment rate
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Abstract:
The crystallization of the concept of labour market is a long-term\r\n\r\n process, acting in parallel with the expansion and diversification of the\r\n\r\n market economy, with the emergence of new features or phenomena, with\r\n\r\n generalization or collapse of some supply-demand ratio functioning\r\n\r\n mechanisms.\r\n\r\n The labour market is the economic space of free trade for the owners\r\n\r\n of capital (as a buyer) and owners of work capacity (as sellers), where,\r\n\r\n through specific mechanisms, the supply and demand for labor are\r\n\r\n balanced.\r\n\r\n In terms of the labour market, unemployment is a macroeconomic\r\n\r\n phenomenon, as opposed to the occupation, being interpreted as a surplus\r\n\r\n of the active population compared with that which may be hired in\r\n\r\n circumstances of return required by the market.\r\n\r\n As labour is considered the primary means of showing personal\r\n\r\n needs, the unemployment state is branded as a negative situation with\r\n\r\n multiple consequences at the level of entire economic and social body.\r\n