Ex.6. Choose an appropriate word or phrase to complete the following sentences.

Buyers and sellers; diversity; drop in its price; employees; employers; forces; international;

 

local; national; occupation under examination; reduction; relationship; short-term nature; supply of labour; unique.

 

1. Whenever there is a good or service for which there are both …, a market exists.

 

2. The demand for labour comes from … and is derived from their need to employ workers to produce goods and services.

 

3. When firms expand their operations and when firms replace … who are leaving their jobs, such as retirees, job opportunities arise.

 

4. The … refers to the number of people currently working or actively seeking employment.

 

5. An excess supply in a market for a commodity such as wheat results in a... as sellers underbid each other in order to attract buyers.

 

6. Excess supply in the labour market, however, does not typically result in price ….

 

7. Irrespective of the particular form, institutional … can have important impacts on labour market outcomes.

 

8. Another significant feature of the labour market is the relatively long-term nature of the employment ….

 

9. Other economic transactions are of a … in comparison to the relationship that develops between a worker and a firm.

 

10. Another distinguishing feature of the labour market is the … in the characteristics of the service being traded.

 

11. Each worker and job is ….

 

12. The market is described as the … labour market if firms and workers are searching for each other throughout a country.

 

13. For some occupations, such as professional athlete or university professor, the labour market may even be … in scope.

 

14. If the area of search is within the local community, the market is described as the … labour market.

 

15. When analyzing wage and employment opportunities, another important dimension is the ….