Question

Explain the nature and scope of Labour Economics.

Answer 1

Labour economics looks at the suppliers of labourservices (workers) and the demanders of labourservices (employers), and attempts to understand the resulting pattern of wages, employment, and income. In economics, labour is a measure of the work done by human beings.

The nature and scope of labour economics are related to the study of wealth or human behaviour or of scarce resources. The scope is very wide and includes the subject matter of economics whether  economics is a science or an art or whether it is positive or normative science. Wealth and Welfare Connotations.