"Labour economics seeks to understand the functioning and dynamics of the markets for wage labour."
The ways in which societies organize and value different types of labor, including agricultural, industrial, and service labor.
Industrial Revolution: The period between the 18th and 19th century that saw a shift from manual labor to mechanization and introduction of factories.
Trade Unions: Associations of workers that aim to protect workers' rights and improve working conditions by collective bargaining.
Child labor: The employment of children in hazardous or exploitative conditions, which was common during the Industrial Revolution.
Sweatshops: Small-scale factories that specialize in producing low-cost goods often characterized by poor working conditions and low wages.
Working conditions: The physical and environmental conditions, such as noise, air quality or temperature, that are experienced by workers in their workplaces.
Labor laws: Regulations that govern the relationship between employers and employees, including labor contracts, wages, hours, health and safety, as well as legal protections.
Discrimination: The practice of treating individuals unfairly based on factors such as gender, race, ethnicity, sexual orientation or age.
Immigration: The movement of people from one country or region to another for employment.
Overtime: The extra work hours performed by an employee beyond their regular working hours, usually paid at a higher rate.
Minimum wage: The minimum amount that a worker is entitled to earn per hour or day as set by law, to ensure fair payment and prevent exploitation.
Collective bargaining: The process by which employers and employees, through their representatives, negotiate and agree on employment terms.
Workplace safety: The measures put in place to prevent accidents, injuries, and disease in the workplace.
Occupational health: The study of the effects of work on health, including both physical and mental aspects.
Gender roles: Social expectations for different genders, especially in the workplace.
Automation: The replacement of jobs previously done by humans with machines or software.
Outsourcing: The business practice of hiring external companies, often in other countries, to perform a task that would otherwise be done in-house.
Employee benefits: The non-wage compensation provided by an employer, such as health insurance, paid time off, and retirement plans.
Employee rights: The legal or moral entitlements of employees, such as freedom of association or the right to a safe working environment.
Working hours: The length of time that an employee works per day, week, or month.
Job security: The likelihood that an employee can maintain ongoing employment at their workplace.
Temporary Workers: The employment of workers for a limited period of time, often through an agency or third party.
Working from Home: The ability for employees to complete work tasks remotely from their own residence.
Age Discrimination: The practice of treating individuals unfairly based on their age.
Disability Rights: The legal or moral entitlements of persons with disabilities, such as accessible buildings and robust accommodations.
Pregnancy in the workplace: How to support employees who are pregnant or on maternity leave while ensuring they are not unfairly treated; providing new mothers with accommodations, opportunities for breastfeeding or expressing milk, etc.
agrarian labor: Work in the agricultural sector or farming.
artisanal labor: Work that is skilled and requires manual dexterity, usually related to crafts, such as pottery, woodworking, or textile work.
chattel slavery: The practice of owning and controlling another person as property.
child labor: The practice of employing children to work for low wages, usually in factories or mines.
domestic labor: Work related to the household, including cleaning, cooking, and childcare.
indentured servitude: A labor system where a person is bound to work for a specific employer for a specific period of time.
forced labor: Labor that is performed against the will of the worker, often due to coercion, threat, or violence.
migrant labor: Work that is performed by individuals who move from one region to another or across national boundaries.
wage labor: Work that is performed in exchange for a wage or salary.
prison labor: Work that is performed by inmates within prisons or jails, often for very low wages.
serfdom: A feudal labor system that required peasants to work on land owned by a noble.
sharecropping: A farm system where a tenant farmer works on land owned by someone else in exchange for a portion of the crops.
unskilled labor: Work that requires little or no specialized training or education.
professional labor: Work in fields that require specialized knowledge or education, such as medicine, law, or engineering.
gig economy: A labor market characterized by short-term contracts or freelance work, often facilitated by online platforms.
factory labor: Work in industrial settings, often involving the use of machinery and assembly lines.
piecework: Work that is paid based on the amount produced, rather than hourly or salary wages.
volunteer labor: Work that is performed without pay, often in non-profit or charitable organizations.
"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."