Abstract
Labour market or supply and demand for labour is determined by how individuals demand work (supply) and how the offer of jobs is from the side of companies (demand). This is a very important issue, as it is a part of the main factor markets. The data on labour market are used for analysing the movement of labour market. Thanks to this, it is possible to forecast its approximate development. The basic source are data from the database of the Ministry of Labour and Social Affairs of the Czech Republic. The objective of this paper is to analyse the development of supply and demand for labour in the years 2010-2020 and forecast its development until 2025. The analysis of time series is performed using the method of artificial neural networks, which enables the analysis of the development between 2010 and 2020 and forecasting the further development of supply and demand for labour until the year 2025. The research shows that the development until the year 2025 will not be very favourable. The demand will be much greater than the supply, which means there will be more vacancies than workers. To fill the vacancies and be able to further operate, companies will try to solve this situation by hiring workers from other countries. The results of the paper being submitted may serve for other labour market research.
Highlights
The labor market is, like many other markets, made up from supply and demand
It is generally possible to state a lower flexibility of the labor supply, especially for highly qualified job positions due to higher transfers and annuities
The results focused on the average probabilities of the transition between the situations in the labour markets in individual age groups generally qualitatively coincide with the reference economy of the United Kingdom
Summary
The labor market is, like many other markets, made up from supply and demand. Households, on the other hand, create labor supply as one of the factors of production. The flexibility of the job offer necessarily depends on the types of job positions. It is generally possible to state a lower flexibility of the labor supply, especially for highly qualified job positions due to higher transfers and annuities. It is the transitions between job positions that create frictional unemployment in its natural expression. The highest problem is involuntary unemployment, which occurs most often during cyclical and structural fluctuations
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
