"Labour economics seeks to understand the functioning and dynamics of the markets for wage labour."
Labor economics is the study of the labor market, including topics like wages, employment, and human capital. Labor economists analyze how workers make decisions regarding labor supply and how firms make decisions regarding labor demand. They also study the impact of labor market policies like minimum wage laws and unemployment insurance.
"Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers)."
"Labour economics must also account for social, cultural and political variables."
"These patterns exist because each individual in the market is presumed to make rational choices based on the information that they know regarding wage, desire to provide labour, and desire for leisure."
"The rise of the internet has brought about a 'planetary labour market' in some sectors."
"Labour is conventionally contrasted with other factors of production, such as land and capital."
"Some theories focus on human capital or entrepreneurship, which refers to the skills that workers possess."
"Labour is a special type of good that cannot be separated from the owner (i.e. the work cannot be separated from the person who does it)."
"A labour market is also different from other markets in that workers are the suppliers and firms are the demanders."
"Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms."
"Labour markets are normally geographically bounded."
"Labour economics must also account for social, cultural, and political variables."
"Each individual in the market is presumed to make rational choices based on the information that they know regarding wage, desire to provide labour, and desire for leisure."
"Labour economics seeks to understand the resulting pattern of wages, employment, and income."
"Some theories focus on human capital or entrepreneurship, (which refers to the skills that workers possess)."
"Labour is unique to study because it is a special type of good that cannot be separated from the owner."
"The rise of the internet has brought about a 'planetary labour market' in some sectors."
"Labour is supplied by labourers, usually in exchange for a wage paid by demanding firms."
"Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers)."
"Labour markets function through the interaction of workers and employers."