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ECON 332 Labor Economics

Labour economics as per the course ECON 332 Labor Economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a service that is given by laborers, usually in exchange for a amount called wages paid by demanding firms. Because these people exist as parts of a social, as well as political system, labour economics must also account for social, cultural and political variables.

Also as per the course ECON 332 Labor Economics, Labour is a measure of the work done by some people. It is actually contrasted with other factors of production, such as land and capital. Some way or other it focus on human capital, or entrepreneurship, which refers to the knowledge that workers possess and not necessarily the actual work that they produce.

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