Labor Economics - Explained
What is Labor Economics?
Written by J. Mance Gordon
Updated at April 23rd, 2024
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What is Labor Economics?
Labor economics is the study of behavior and decision making by employers and employees (including the supply of and demand for labor) as a result of environmental factors, such as fluctuating prices, profits, salaries, and conditions of work.
When is Labor Economics Used?
Labor economics is a model for understanding demand and supply of labor. It further informs the understanding of wages structures, income levels, and employment requirements.
- Microeconomic patterns focus on the study of individuals role and the role of individual organizations in regard to the labor market.
- Macroeconomic techniques evaluate the interrelations among all labor market participants that include the labor, the financial market, goods market, and the international trade market.
What Factors Affect Labor Economics?
Factors affecting labor economics include gross of domestic product, average income, employment levels, and labor participation rates.
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