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Labor Market

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Definition: A labor market is a set of social mechanisms though which labor is bought and sold. There are two main types of labor markets. Jobs in the primary labor market tend to be highly skilled and highly paid, have clear lines of advancement, and offer greater than average degrees of training and job security to workers. In contrast, jobs in the secondary labor market tend to be low in pay, prestige, and security, and offer little opportunity for advancement. They also typically have a high turnover.

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