"Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour."
The markets for hiring and finding jobs, including wages, education and training, and barriers to entry.
Labor supply: The amount of labor available from workers in a given market.
Labor demand: The amount of labor that employers are willing to hire in a given market.
Wage determination: The process by which wages are set in a labor market, often influenced by supply and demand.
Human capital: The skills, knowledge, and experience that workers bring to a job, and which can influence their earning potential.
Labor mobility: The ability of workers to move between different jobs or industries.
Unemployment: The state of being without work, often caused by a lack of available jobs or skills mismatch.
Labor unions: Organizations that represent workers in negotiations with employers.
Gender and race/ethnicity in the labor market: Examining patterns of discrimination or disparities in workplace experiences and outcomes.
Immigration and labor markets: The impact of migration on labor markets, including cultural and economic factors that can affect workforce composition.
Workplace safety and health: The role of government, employers, and workers in ensuring a safe and healthy work environment.
Local Labor Market: This refers to the group of workers within a specific geographic region. Jobs available and wages offered within this labor market are typically determined by local supply and demand factors, such as the population size, demographics, and business trends.
Domestic Labor Market: This is the market where citizens of a particular country compete for available jobs. Government policy and legislation can have a significant impact on this type of labor market.
Global Labor Market: This refers to a world-wide competition for labor, with companies based in different countries competing for labor in the same skill category. This type of labor market is heavily influenced by global economic conditions such as globalization, technological innovations, fluctuations in currency exchange rates, and international trade agreements.
Rural Labor Market: This refers to the labor market in smaller towns or rural areas, which typically offer fewer job opportunities and lower wages than urban areas. Jobs in agriculture and other primary industries are dominant in rural labor markets.
Formal Labor Market: This type of labor market consists of jobs that are registered and protected by the state, often with formal employment contracts, benefits, and legal protection for workers. This market is typically associated with skilled labor, education, and professional occupations.
Informal Labor Market: This is the market for work that is not officially recognized or regulated, such as informal economies or "under the table" work. This type of labor market is often associated with low-skilled, low-paying work and lack of benefits or job security.
Mature Labor Market: This type of market exists in economies that have a high proportion of their population over 50 years old. This labor market is characterized by a need for experience and job stability, with older workers often occupying managerial or administrative positions.
Young Labor Market: This type of labor market exists in economies that have a large proportion of their population under 25. This labor market is characterized by neophytes and emerging talents, often in education or entry-level positions.
Dual Labor Market: In this labor market, two separate but unequal job market systems exist concurrently, with one system offering high-paying, stable jobs with benefits, while the other system offers low-paying, temporary work with little protection. This type of labor market is often associated with income inequality and social discord.
"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."