The Special Role Of the Labor Market As a universal Factor Of production

Abstract

In modern conditions of the economy, unstable financial and political processes, the labor market is undergoing serious changes on a global scale. The article discusses the demand and supply of labor, the impact of migration processes, unemployment rates, the dynamics of the domestic and international markets, both at the macroeconomic and microeconomic levels. A study of the labor market as an economic system is given, taking into account the indicators of GDP and GNI. The ratio of supply and demand in the labor market in macroeconomic theory is considered, the dependence of wages on working hours is given. Attention is focused on the analysis of the relationship between the labor market and the unemployment rate. The data on the unemployment rate for the constituent entities of the Russian Federation, indicators of the impact of the minimum wage and migration (immigration) on the labor market, the results of economic data on migration in the labor markets of the Migration Advisory Committee (MAC) are provided.