TVETipedia Glossary

Labour market

The system of relationships between the supply of people available for employment and available jobs.

Source:
NCVER (Australia), VOCEDplus: Glossary of VET, (accessed 05/2026)
NCVER (Australia), VOCEDplus: Glossary of VET, (accessed 05/2026)
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This glossary is a compilation of Australian vocational education and training (VET) terms and acronyms. It includes both current and historical terms, concepts, acronyms and other abbreviations found in Australian VET research, policy and data.

A system consisting of employers as buyers and workers as sellers, the purpose of which is to match job vacancies with job applicants and to set wages.

Source:
TESDA (Philippines), TVET glossary of terms (Fourth Edition), 2010
TESDA (Philippines), TVET glossary of terms (Fourth Edition), 2010
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The Glossary of Terms, 4th edition, provides definitions of TVET terms and terminologies commonly used in education, labor and employment and other TVET related areas in the Philippines.
The complexity of the environment where TVET operates requires regular review and updating of TVET terminologies as systems, standards, processes, policies and programs continue to change. The provision of this glossary is intended to facilitate comprehension and better understanding as we move together in making TVET work for our people and country.

The labor market, also known as the job market, refers to the supply of and demand for labor, for which employees provide the supply and employers provide the demand. It is a major component of any economy and is intricately linked to markets for capital, goods, and services.