Labour Economics Module II KNEC Notes

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

Labour Economics Notes

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

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