labor market vs marketplace

labor market and marketplace both are nouns.

Word	Noun	Adjective	Verb	Adverb
labor market	Yes	No	No	No
marketplace	Yes	No	No	No

As nouns, marketplace is a hypernym of labor market; that is, marketplace is a word with a broader meaning than labor market:

labor market: the market in which workers compete for jobs and employers compete for workers
marketplace: the world of commercial activity where goods and services are bought and sold

Other hypernyms of labor market include market, market place.

labor market (noun)	marketplace (noun)
the market in which workers compete for jobs and employers compete for workers	the world of commercial activity where goods and services are bought and sold
	an area in a town where a public mercantile establishment is set up