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Labour economics can be defined as the study of how employers (consumers of labour) and employees (providers of labour) behave in response to changing prices, profits, wages and working conditions.
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Here are some of the topics you will learn in labour economics.
Labour (or labor), in economics can be defined as the amount of effort required to produce a product or service. Labour provides the expertise, manpower & services required to convert raw materials into finished goods (finished goods can be a product or a service) in return for which labourers get paid - the payment is called wages. There are a number of terms associated with wages - living wages, minimum wages, cost of living etc. The labour force is nothing but all the people in the country who are employed plus those who are not employed. Labour can be classified into many types, like: unskilled, semi-skilled or wage-employees, contract labour and slave labour (slave labour is illegal).
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