Labour Economics

Labour Economics - Definition and Meaning
The area of economics concerned with the supply and demand for labour, examining various factors influencing participation rates, wage bargaining, organized labour, and other workforce dynamics.
Closed Shop
The requirement that all workers of certain grades in a business must belong to a recognized trade union.
Earning Capacity
An in-depth look at earning capacity, its determinants and implications in economics
Flexitime
An employment contract that permits a worker to vary the starting and finishing time for work (within limits) provided a given total number of hours is supplied.
Industry Demand for Labour
An exploration of the concept of industry demand for labour, its determinants, and its economic implications.
Labour Standards
An overview of the concept of labour standards including its meaning, historical context, and associated economic theories.
Labour Supply
The supply of work effort, influenced by economic, social, and policy factors.
National Insurance Contributions
National Insurance contributions (NICs) are charges levied in the UK to help pay for social security, levied as fixed percentages of wages with exemptions for very low incomes.
Redundancy
Termination of employment due to a decline in employer's need for labour.
Search - Definition and Meaning
An exploration of the search model in economics, focusing on the optimal decision-making of agents facing choices with random pay-offs and costly delays.
Search Unemployment
An examination of search unemployment, a form of unemployment characterized by workers seeking a job that meets their standards of acceptability.
Strike
Withdrawal of labour by a group of employees, typically members of a trade union.
Sweated Labour
Definition and meaning of sweated labour in economic contexts.