Labour (economics) in the context of "Discrimination"

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⭐ Core Definition: Labour (economics)

Labour economics is the subfield of economics concerned with the study of labour as an input to economic production. Broadly, it surveys labor markets and the ecomic decisions of agents participating in such markets. Topics of study include the labour supply of workers and how it is affected by variables such as age, education, gender and childbearing, as well as the labour demand by firms searching for different forms of labor as an input in the production of goods and services. In addition, labour economics studies, amognst others, phenomena such as schooling, human capital, inequality, unemployment, trade unions, discrimination, technological change, and public policies related to labor markets, such as unemployment benefits, pensions and health care.

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Labour (economics) in the context of Economic union

An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) as well as a common external trade policy. When an economic union involves unifying currency, it becomes an economic and monetary union.

The purposes for establishing an economic union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.

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Labour (economics) in the context of Single market

A single market, sometimes called common market or internal market, is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. The physical (borders), technical (standards) and fiscal (taxes) barriers among the member states are removed to the maximum extent possible. These barriers obstruct the freedom of movement of the four factors of production (goods, capital, services, workers).

A common market is usually referred to as the first stage towards the creation of a single market. It usually is built upon a free trade area with no tariffs for goods and relatively free movement of capital, workers and services, but not so advanced in reduction of other trade barriers.

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Labour (economics) in the context of Intensive agriculture

Intensive agriculture, also known as intensive farming (as opposed to extensive farming), conventional, or industrial agriculture, is a type of agriculture, both of crop plants and of animals, with higher levels of input and output per unit of agricultural land area. It is characterized by a low fallow ratio, higher use of inputs such as capital, labour, agrochemicals and water, and higher crop yields per unit land area.

Most commercial agriculture is intensive in one or more ways. Forms that rely heavily on industrial methods are often called industrial agriculture, which is characterized by technologies designed to increase yield. Techniques include planting multiple crops per year, reducing the frequency of fallow years, improving cultivars, mechanised agriculture, controlled by increased and more detailed analysis of growing conditions, including weather, soil, water, weeds, and pests. Modern methods frequently involve increased use of non-biotic inputs, such as fertilizers, plant growth regulators, pesticides, and antibiotics for livestock. Intensive farms are widespread in developed nations and increasingly prevalent worldwide. Most of the meat, dairy products, eggs, fruits, and vegetables available in supermarkets are produced by such farms.

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Labour (economics) in the context of Skilled worker

A skilled worker is any worker who has special skill, training, or knowledge which they can then apply to their work. A skilled worker may have learned their skills through work experience, on-the-job training, an apprenticeship program or formal education. These skills often lead to better outcomes economically. The definition of a skilled worker has seen change throughout the 20th century, largely due to the industrial impact of the Great Depression and World War II. Further changes in globalisation have seen this definition shift further in Western countries, with many jobs moving from manufacturing based sectors to more advanced technical and service based roles. Examples of formally educated skilled labor include engineers, scientists, doctors and teachers, while examples of less formally educated workers include crane operators, CDL truck drivers, machinists, drafters, plumbers, craftsmen, cooks and bookkeepers.

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Labour (economics) in the context of Distribution (economics)

In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital). In general theory and in for example the U.S. National Income and Product Accounts, each unit of output corresponds to a unit of income. One use of national accounts is for classifying factor incomes and measuring their respective shares, as in national Income. But, where focus is on income of persons or households, adjustments to the national accounts or other data sources are frequently used. Here, interest is often on the fraction of income going to the top (or bottom) x percent of households, the next x percent, and so forth (defined by equally spaced cut points, say quintiles), and on the factors that might affect them (globalization, tax policy, technology, etc.).

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Labour (economics) in the context of Aptitude

An aptitude is a component of a competence to do a certain kind of work at a certain level. Outstanding aptitude can be considered "talent", or "skill". Aptitude is inborn potential to perform certain kinds of activities, whether physical or mental, and whether developed or undeveloped. Aptitude is often contrasted with skills and abilities, which are developed through learning. The mass term ability refers to components of competence acquired through a combination of both aptitude and skills.

According to Gladwell (2008) and Colvin (2008), it is often difficult to set apart the influence of talent from the influence of hard training in the case of outstanding performances. Howe, Davidson, and Sloboda argue that talents are acquired rather than innate. Talented individuals generally show high levels of competence immediately in only a narrow range of activities, often comprising only a single direction or genre.

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