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When the global community entered in the XXI century world emerging economy is more clearly considered as post-industrial, where a leading sector of the economy in the GDP production is not agriculture and not even industry but services. The main productive resource in such circumstances is not natural and productive capital but human capital, which is represented by storage of knowledge and skills accumulated by a person in the process of training and previous employment. Value of this capital is directly dependent on the level of education both general and professional. Human intellect becomes a main factor of production and professional. If the level is higher it means that such person can perform more valuable types of work for expand wealth of the country and it is transformed into intellectual capital. Consequently, a special market is formed that is a market of intellectual capital. An offer in this market is represented by labor with a high level of intellectuality and innovativeness and it has, in its turn, high market value. Well-handled components of human capital contribute to scientific-technical and social progress of the society, its sustainable economic development as the main types of final products unlike with previous stages of development are information and knowledge and the main factor of economic growth is productivity of mental labor workers. It is human capital that is one of the main factors ensuring transition to V and VI technological paradigms under current conditions. These paradigms are underlying a solid foundation for formation of new intellectual and information society. New knowledge and information technologies are making a breakthrough not only in the direct production of commodities but in the non-manufacturing sector as well (education, health, trade, finance etc.).

The essence of a competition as an objective law for development of the commodities production based on private ownership of the means of production and commodity exchange has been revealed in the paper. The paper presents an economic basis of market economy (private ownership) which generates a corresponding production objective. Such purpose is a maximization of profit and a minimization of market subject expenses. Therefore, a struggle for the most favourable conditions on commodity production and sales is inevitable in such situation. The struggle is considered in the community with developed market economy as a competition.The competition is regarded not as an exogenic factor exerting its influence on market economic system from the outside, but as an objective phenomenon which is inherent to management market system in itself. Such treatment is substantiated by economic disintegration of individual commodity producers. Being an important engine of market economy, the competition does not establish its laws, and its role is to be an executive of data which are internally inherent in commodity production laws and firstly it concerns a profit maximization law which defines a purpose and guiding motif of economic entities in the given economy.The competition plays a contradictory role under conditions of market economy. On the one hand, it makes manufacturers constantly to aspire to expense reduction for the sake of profit increase. This has resulted in labour productivity increase, production cost decrease and a company receives an opportunity to reduce retail price for its products. Consequently, the competition acts as a potential factor for lowering of prices while increasing production efficiency. On the other hand, sellers have more freedom in price fixing under conditions of imperfect competition as they sell their products under the conditions of a monopolistic competition or an oligopoly. This is the main weakest point of the market economy system.

The paper considers some peculiar features of labor market as an economic category of commodity production. Analysis of its models in conditions of perfect and imperfect competition is given in the paper