THE CONCEPT OF THE LABOR MARKET AND ITS SOCIO-ECONOMIC IMPORTANCE IN THE DEVELOPMENT OF A COUNTRY

Abstract

This article analyzes the concept of the labor market and its socio-economic importance in the development of a country. The labor market operates alongside other markets, such as raw materials, consumer goods, and services, within the market economy system. It performs socio-economic functions like distributing labor forces and resources, managing employment, and improving working conditions. The article discusses the segmentation, flexibility, and regulation of the labor market, highlighting its role in the economy. The labor market creates competition between companies and workers, where employers aim to attract effective employees, while workers offer their skills. The segmentation of the labor market also ensures the coordination of labor demand and supply. Additionally, the article addresses the rigidity of the labor market, its specific features related to geopolitical, economic, and educational factors, and the necessity of state intervention to maintain its balance.The labor market is an essential component of the market economy and functions alongside other markets, such as markets for raw materials, goods, services, housing, and securities. It is the market that allocates labor resources and makes decisions regarding employment