"Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour."
The study of the movement of labor across national borders and the factors that influence it.
Labor force participation rate: A measure of the percentage of the working-age population that is either employed or actively seeking employment.
Unemployment rate: A measure of the percentage of people in the labor force who are unable to find work.
Labor market segmentation: A concept that refers to the division of a labor market into distinct subgroups, such as those defined by education or occupation.
Labor mobility: The ability of workers to move between different jobs, occupations, or geographical locations.
Comparative advantage: A concept that refers to a country's ability to produce a particular commodity or service at a lower opportunity cost than other countries.
Free trade: The concept of exchanging goods and services between nations without any restrictions, such as tariffs or quotas.
Offshoring: The practice of moving jobs or production to a lower-cost country.
Globalization: The process of integrating economies, societies, and cultures across the world.
Immigration: The movement of people from one country to another for work, study, or family reasons.
Export-led growth: A strategy that relies on increasing exports to boost economic growth.
Labor standards: Regulations that protect workers' rights and safety at the workplace.
Labor market institutions: Entities that regulate and govern the labor market, such as unions, labor laws, and government agencies.
Wage differentials: Differences in wages among workers with different levels of education, experience, and skills.
Child labor: The employment of children under age 18 in hazardous or exploitative conditions.
International labor standards: A set of norms and principles established by the International Labor Organization to promote social justice and decent work conditions worldwide.
Global labor market: The global labor market includes all workers and job opportunities around the world. This type of labor market has increased dramatically in recent years due to globalization and technological advancements.
Regional labor market: The regional labor market includes workers and job opportunities within a particular region. For example, the European Union has a regional labor market that allows workers to move freely between member states.
National labor market: The national labor market includes workers and job opportunities within a particular country.
Cross-border labor market: A cross-border labor market is one in which workers commute from one country to another for work. For example, many workers commute from Canada to the United States for employment.
Migrant labor market: The migrant labor market includes workers who move from one country to another to work. This type of labor market is often characterized by low-skilled, low-paid jobs.
Skilled labor market: The skilled labor market includes workers with specialized skills and knowledge, such as doctors, lawyers, and engineers. This type of labor market is usually characterized by high pay and high demand for skilled workers.
Unskilled labor market: The unskilled labor market includes workers with low levels of education and skills, such as manual laborers. This type of labor market is usually characterized by low pay and low job security.
Freelance labor market: The freelance labor market includes workers who work independently on a project-by-project basis. This type of labor market is often characterized by flexible working hours and short-term contracts.
Gig labor market: The gig labor market includes workers who work in the gig economy, such as ride-hailing drivers and food delivery drivers. This type of labor market is often characterized by short-term contracts, flexible working hours, and low job security.
"Labour is a commodity that is supplied by labourers."
"Labour is supplied...usually in exchange for a wage paid by demanding firms."
"Labour economics must also account for social, cultural and political variables."
"Labour markets or job markets function through the interaction of workers and employers."
"The suppliers of labour services are workers."
"The demanders of labour services are employers."
"Labour economics looks at the suppliers of labour services and the demanders of labour services, and attempts to understand the resulting pattern of wages, employment, and income."
"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."
"But 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 and not necessarily the actual work that they produce)."
"Labor is unique to study because it 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 economics seeks to understand the functioning and dynamics of the markets for wage labour."
"Labour economics must also account for social, cultural and political variables."
"The rise of the internet has brought about a 'planetary labour market' in some sectors."
"Labour is a measure of the work done by human beings."
"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."
"Workers are the suppliers and firms are the demanders."