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In this sense, labour is an activity which creates/maintains economic value pure and simple, which could be realized as a sum of money once labour's product is sold or acquired by a buyer. The value-creating ability of labour is most clearly visible when all labour is stopped, for example during a strike or a disaster.
The total labor power of society, which is embodied in the sum total of the values of all commodities produced by that society, counts here as one homogeneous mass of human labor power, composed though it be of innumerable individual units...The labor time socially necessary is that required to produce an article under the normal conditions of ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Human labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly. [2] The general idea of labour-power had existed previously in classical political economy. [3]
Education economics or the economics of education is the study of economic issues relating to education, including the demand for education, the financing and provision of education, and the comparative efficiency of various educational programs and policies. From early works on the relationship between schooling and labor market outcomes for ...
Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers , usually in exchange for a wage paid by demanding firms.
Work, labor (labour in Commonwealth English), or an occupation or job is the intentional activity people perform to support the needs and desires of themselves, other people, or organizations. [1] In the context of economics , work can be viewed as the human activity that contributes (along with other factors of production ) towards the goods ...
Social corporatism, also called social democratic corporatism, [1] is a form of economic tripartite corporatism based upon a social partnership between the interests of capital and labour, involving collective bargaining between representatives of employers and of labour mediated by the government at the national level.