It is, as the name implies, the study of labor markets. In contrast, labor demand derives from a firm s profit-maximizing commodity output level, the production function, and the wage rate relative to rental rates on other inputs.
Households determine the amount of labor supplied by trading off income for leisure time.
The labor market also figures prominently in the study of macroeconomics, because equilibria in the labor and commodities markets determine the aggregate supply of real output. Unemployment and policies designed to cope with it have macro as well as micro implications. Income distribution, poverty, and trade policy issues are also macroeconomic matters typically studied by labor economists. You should cite references and include bibliographies in the papers. No late papers accepted .