Introduction to the Module Unit
Labour Economics is a unit offered to students pursuing Diploma in Human Resource Management to equip them with the right attitudes, knowledge and skills needed to manage various issues related to labour markets in an organization.
General Objectives
By the end of this module unit, the learner should be able to:
- Apply the concept of demand and supply in the management of labour in an organisation
- Determine the cost of labour in an organisation
- Recognize and appreciate procedures for employment of human capital in an organisation
- Recognize the effect of labour mobility on level of productivity of human resources in an organization
- Relate effects of inflation to productivity of labour in an organization
Topics/Course Outline Required by KNEC
Topic 1: Introduction to Labour Economics
1.1. Meaning of Economics
1.2. Scope of Economics
1.3. Types of Economic Resources
1.4. Concept of Scarcity
1.5. Meaning of Choice
1.6. Factors of production
1.7. Meaning of labour economics
1.8. Importance of Labour economics
Topic 2: Demand for Labour
2.1. Concept of Demand
2.2. Demand for labour
2.3. Factors influencing demand for labour
2.4. Concept of elasticity of demand for labour
Topic 3: Supply of Labour
3.1. Concept of Supply
3.2. Supply of labour
3.3. Factors influencing supply of labour
3.4. Concept of elasticity of supply of labour
Topic 4: Labour Market Structures
4.1. Meaning of Labour Market structure
4.2. Types of labour market structures
4.3. Characteristics of labour market structures
Topic 5: Labour Productivity
5.1. Meaning of labour productivity
5.2. Importance of measuring labour productivity
5.3. Factors that affect the productivity of labour
5.4. Methods of measuring labour productivity
Topic 6: Wages and Salary Determination
6.1. Meaning of wage
6.2. Meaning of salary
6.3. Factors that determine wages and salary
6.4. Wage levels
6.5. Methods of determining wages and salary
Topic 7: Employment and Unemployment
7.1. Meaning of employment
7.2. Meaning of unemployment
7.3. Factors that determine the rate of unemployment
7.4. Types of unemployment
7.5. Causes of unemployment
7.6. Measures to reduce unemployment
Topic 8: Inflation
8.1. Meaning of Inflation
8.2. Types of inflation
8.3. Causes of inflation
8.4. Measures to control inflation
8.5. Effects of inflation
Topic 9: Labour Mobility
9.1. Meaning of labour mobility
9.2. Types of labour mobility
9.3. Causes of labour mobility
9.4. Effects of labour mobility on organisational productivity
9.5. Techniques of managing labour mobility in an organisation
Topic 10: Labour Costing
10.1. Meaning of costs
10.2. Classification of costs
10.3. Concept of labour costing
10.4. Types of Labour Costs
10.5. Methods of calculating labour costs
10.6. Techniques of labour cost control
Topic 11: Emerging Issues and Trends
11.1. Emerging issues and trends in labour economics
11.2. Challenges posed by emerging issues and trends in labour economics
11.3. Ways of coping with challenges posed by emerging issues and trends in labour economics
