Labour Economics

Labour economics is a sub-field of economics that study the working system and dynamics of the labour market. Labour markets involve the interaction of workers and employers. Labour economics terms the suppliers of labour services as ‘workers’, ‘employers’ are the community that demand labour services, and thereby conducts studies to understand the resulting pattern of wages, employment, labour (a measure of the work done by human beings) and income.

Normally, wage is a basic compensation paid for labour, and the compensation for labour per period of time is called the wage rate.

Labour, in economics, is measured in terms of hours worked vs total wages.