topic is labor economic and economic development - 6 pages

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topic is labor economic and economic development - 6 pages

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Running header: LABOR ECONOMIES AND ECONOMIC DEVELOPMENT

Labor Economies and Economic Development
Student’s Name
Institution Affiliation

LABOR ECONOMIES AND ECONOMIC DEVELOPMENT

2

Labor
According to Dasgypta (2014) labor is defined as the physical work a person does. It can
also be related to the number of repairs done to a vehicle or the effort done by farmers in their
farms. Different countries have different labor laws that are strictly followed to ensure that
people are treated fairly in their workplaces and that their work is relatively compensated
(Borjas, 2016).
Economics
Economics can be defined as the study of the scarcity of resources, how people utilize
these resources and how they respond to decision making when it comes to preceding a
particular fund to get the other (Dasgupta, 2014). The study of economics helps government
institutions in learning about people's preferences and being able to predict about the future on
the economic value of those resources. Economics is divided into two significant parts namely
macroeconomics and microeconomics. Macroeconomics deals with the study of the economy as
a whole like the national debt while microeconomics deals with the review of the individual
decisions like family expenses.
Economic development
This can be defined as the process by which a nation tries to improve, and the grow the
political, economic and well-being of the citizens. It is done by developing the living standards
of the people in a particular country. Policies on economic development with an aim to improve
the welfare and the financial status of the people have been developed and enshrined in the law
(Todaro & Smith, 2015). The different labor laws have had a big impact, and positive energy has
been channeled towards ensuring that these laws are well implemented.

LABOR ECONOMIES AND ECONOMIC DEVELOPMENT

3

Labor economics
Labor economics are used to enable people to comprehend the purposes and changing
aspects of the markets for income labor. The main interaction of workers and employers is
through the functioning of the labor markets. They seek to explain the interrelationship between
worker...


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