444 Final Essay Example | Topics and Well Written Essays - 1500 words

444 Final - Essay Example Secondly, the author discusses the fact that job search trends do not operate in a vacuum and are intrinsically shaped by microeconomic factors specific to the job seeker. In particular, the chapter highlights the point that the job search market comprises people searching for various types of jobs for multiple reasons that are dependent on age, education, economic status and gender. Furthermore, the job search market is effectively a two tiered structure, namely: As highlighted above, the external search will be motivated by age, education, location and gender. Additionally, Figure 15.1 refers to the example of wage offers, the acceptance wage and unemployment status impacting job acceptance. In contrast, the internal search will be dependent on organisational needs, which can create demand in the labor market. The author argues that the relationship between the external search and internal search ultimately dictates the labor market through the wage structure and nature of the market. Additionally, it is posited that notwithstanding periods of unemployment, the relationship between job search and the structure of the labor market results in a continuous supply of workers and jobs, which in turn creates equilibrium between the supply of jobs and the demand for jobs from the unemployed. Therefore in summary, the central argument in this chapter is that numerous factors influence why people search for jobs and employer demand for specific job roles to be satisfied, and that it is the interrelationship between these factors that dictate the trends and shape of the labor market. Additionally, it is argued that the structure of the labor market creates a constant flow of workers as â€Å"stock†, which in turn ensures equilibrium in the supply and demand curves of the labor market. This Chapter discusses the macroeconomic factors within which the labor market operates