Labour Economics - 6478 Words

LABOUR ECONOMICS Q2. Define â€Å"Labour Economics†. Explain the nature and scope of Labour Economics. Explain the characteristics of Labour? Labour Economics:- Ans: - â€Å"Labour Economics may be defined as a study of the organization, institutions and behavior of the labour market in an industrising or industrial economy†. According to Dole Yoder:â€Å"Labour economics or manpower economics is primarily concerned with efficient utilization and conservation of manpower and resources. It studies and seeks to understand the processes by which manpower is applied and utilized in modern society. It is concerned of natural resources in the land†. Scope of Labour Economics:Labour economics has to deal with may be stated as manpower planning, labour†¦show more content†¦7. The marginal productivity of labour is comparatively less than capital. 8. Finally, labour is a living thing and that makes all the differences. LABOUR ECONOMICS(Page 3) Name : (PL. FILL IN), Enrolment No.( PL. FILL IN) Q3. What is meant by the term wages? How would you distinguish between ‘Nominal Wages’ and ‘Real Wages’? Explain the factors influencing real wages. Wages:- Ans: - The price paid for the services of labours in production is called wages. The labourer is generally paid a certain sum of money per day or week or month. Beham defined a wage as â€Å"A sum of money paid under contract by an employer to a worker for services rendered†. However, in economics, payment made for all kinds of services, whether by way of salaries or in any other way is included in wages. Differences between Nominal wages and Real wages:Nominal Wages:The amount of money that a labourer gets in exchange of his services is called money wages or nominal wages. If a labourer gets Rs.200, a day for his work, his money or nominal wages will be Rs. 200. However, mere money payment does not reflect the real earnings of the labourer. They do not reveal the standard of living or the goods and services which labourer can buy and consume. Real Wages:The amount of goods and services that labourer can get with his nominal wages is called real wages. Real wages refer to the goods a nd services, which the money wages can buy, and advantages and disadvantages associatedShow MoreRelatedLabour Economics5713 Words   |  23 PagesLABOUR ECONOMICS Q2.Define â€Å"Labour Economics†. Explain the nature and scopeof Labour Economics. Explain the characteristics of  Labour? Ans: -Labour Economics:- â€Å"Labour Economics may be defined as a study of theorganization, institutions and behavior of the labour market in anindustrising or industrial economy†. According to Dole Yoder:- â€Å"Labour economics or manpower economics is primarilyconcerned with efficient utilization and conservation of  manpower and resources. It studies and seeks to understandRead MoreLabour Market Dynamics, Unemployment And Economic Growth Essay1454 Words   |  6 PagesLABOUR MARKET DYNAMICS, UNEMPLOYMENT AND ECONOMIC GROWTH IN GHANA INTRODUCTION Owing to a GDP rebasing in 2011, Ghana became the fastest growing economy in the world with a GDP growth pinned at 20%, the largest per capita income in West Africa and the 21st in the continent. Ghana joined the league of oil producing countries in December 2010 with 85,000 barrels of crude oil in a day . Fiscal deficit fell from 5.9% of GDP in 2010 to an estimated 4.3% in 2011 due to strong revenue performance . DespiteRead MoreSocio-Economic Inequality in South Africa is Due to the Institutionalised Ideological Mismatch Regarding Labour and Economic Policy1665 Words   |  7 PagesSocio-economic inequality in South Africa is due to the institutionalised ideological mismatch regarding labour and economic policy Economic growth is shaped by policy context and promoted most effectively when it is consistent with either liberal market or co-ordinated market ideal type varieties of Capitalism. Policy inconsistency dampers economic growth post-apartheid South Africa attempted to adopt a social-democratic and co-ordinated variety of Capitalism. This failed due to the adoptionRead MoreWhat Is Economics? What Role Does the Division of Labour Play in Defining This Subject Matter?880 Words   |  4 Pagessubject matter of economics? What role does the â€Å"division of labour† play in defining this subject matter? Quoting Michael Yates, â€Å"The subject matter of economics is the production and distribution of output†¦Ã¢â‚¬  (Yates, 2003). So what does this say to me? Simplifying, this says to me that Economics is a way of explaining the world. With studies dating as far back as Aristotle’s interest in the various forms of state, how can one ever fully understand the complexities of economic thought and howRead MoreSweatshops : Positive Deviancy And Global Labour Practices And The Ethical And Economic Case Against Sweatshop Labor1675 Words   |  7 PagesDeviancy and Global Labour Practices and The Ethical and Economic Case Against Sweatshop Labor: A Critical Assessment. The former was authored in July 2005 by Denis Arnold and Laura Hartman. The latter was written in September 2011 by Benjamin Powell and Matt Zwolinski. The authors of both works are undeniably qualified and are experts in their respective fields. 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A company without employees, the operation is unable to run, as the general said employees are the biggest asset in every company. An employer with a respectable reputation or brand may not be the smartest choice to hire an ex convict, but from a business point of view the finance and workplace benefits are worth the risk to employ the single. InRead MoreAssess the Likely Impact of Uk Government Labour Market Policies on Any Three Macro-Economic Objectives. Refer to the Information and to Your Own Knowledge703 Words   |  3 PagesGovernment labour market policies on any three macro-economic objectives. Refer to the information and to your own knowledge (30) Labour market policies are government programmes that intervene in the labour market to help the unemployed find work. The three macro-economic policies I am going to look at are: full employment, steady sustainable economic growth and low inflation. Full employment is the point in an economy, where everyone who is willing and able to work is in a job. A labour market policyRead MoreLabour Market Need 1234 Words   |  5 Pagesfor these outcomes is a labour market need for migrant workers to fill jobs that indigenous workers reject (Fellini et al., 2007; Massey et al., 1998; Piore, 1979). However, this is not a spontaneous process and it is important to recognize the role played by labour market actors, particularly employers (or their agents) and the state (Bach, 2007; Rodriguez, 2004). Employers engage in active recruitment strategies to attract immigrant workers already in national labour markets or to recruit directlyRead MoreHuman Resource Planning1429 Words   |  6 Pagesexternal to an organization that affect the organization’ performance but are beyond the immediate control of an organization. An external force that influences the management especially HR planning because each organization must draw from the same labour market that supplies all other employers. The impacts of environmental changes on business consider the following: a. Decentralization – transferring responsibilities and decision making authority from a central office to people and locations