"Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour."
Study of how the labor market changes over time, such as job creation and destruction, worker mobility, and supply and demand shocks.
Labor Supply: This includes understanding the factors that influence the decision to work and how changes in wages and labor market conditions affect labor supply.
Labor Demand: This involves understanding how businesses and organizations make decisions regarding how many workers to hire and how changes in the economy can alter labor demand.
Wage determination: This includes examining factors that influence the level of wages, such as education, experience, and productivity.
Human capital: This includes understanding how education and training affect workers' productivity and earnings.
Unemployment: This includes examining the causes and consequences of unemployment, such as the effects on economic growth and the social costs of unemployment.
Discrimination: This involves analyzing how race, gender, and other factors influence labor market outcomes and examining the various policies aimed at reducing discrimination.
Labor market institutions: This includes examining the various institutions that affect labor market dynamics, such as unions, minimum wage laws, and unemployment insurance.
International labor markets: This involves analyzing the impact of global trade and migration on labor market outcomes, including wages and employment opportunities.
Labor market regulations: This includes examining the various regulations that affect labor market dynamics, such as workplace health and safety standards and overtime regulations.
Labor market segmentation: This involves understanding how labor markets can be divided into different segments, such as by education level or industry, and how these segments affect labor market outcomes.
Wage determination: The process of determining wages based on the equilibrium between the supply and demand for labor.
Occupational structure: The distribution of workers across different occupations, industries, and sectors.
Labor force participation: The proportion of the working-age population that is either employed or actively seeking a job.
Unemployment: The measure of the number and proportion of individuals who are without work but seeking employment.
Labor productivity: The measure of the output produced per unit of labor input, usually measured as output per hour worked.
Labor mobility: The ease with which workers can move between different jobs, industries, and regions.
Migration: The movement of individuals, families, or groups from one location to another.
Training and education: The acquisition of skills, knowledge, and experience necessary for effective performance in a particular occupation or industry.
Labor regulations and policies: The set of rules and policies governing the labor market, including employment protection, minimum wage laws, and collective bargaining.
Human capital accumulation: The investment in education, training, and experience that contributes to an individual's productivity and employability.
"Labour is a commodity that is supplied by labourers."
"...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."
"Labour economics look at the suppliers of labour services (workers) and the demanders of labour services (employers), 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."
"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. It 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)."
"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."
"...employers are the demanders of labour services."
"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."
"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. It 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)."
"Workers are the suppliers and firms are the demanders in a labour market."