LABOUR ECONOMICS
This unit or subject is examined by KNEC on those taking the following courses:
Introduction
This module unit is intended to equip the trainee with knowledge, skills and attitudes that will enable him/her manage labour market aspects in an organization.
General Objectives
At the end of the module unit, the trainee should be able to:
- Apply the concept of demand and supply in the management of labour in an organization
- Determine the cost of labour in an organization
- Adhere to appropriate procedures for employment of human capital in an organization
- 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
Topic 1: Introduction to Labour Economics
- Meaning of economics
- Scope of economics
- Types of economic resources
- Concept of scarcity
- Meaning of choice
- Factors of production
- Meaning of labour economics
- Importance of labour economics
Topic 2: Demand for Labour
- Concept of demand
- Demand for labour
- Factors influencing demand for labour
- Concept of elasticity of demand for labour
Topic 3: Supply of Labour
- Concept of Supply
- Supply of labour
- Factors influencing supply of labour
- Concept of elasticity of supply of labour
Topic 4: Labour Market Structures
- Meaning of labour market structure
- Types of labour market structures
- Characteristics of labour market structures
Topic 5: Labour Productivity
- Meaning of labour productivity
- Importance of measuring labour productivity
- Factors that affect the productivity of labour
- Methods of measuring labour productivity
Topic 6: Wages and Salary Determination
- Meaning of wage
- Meaning of salary
- Factors that determine wages and salary
- Wage levels
- Methods of determining wages and salary
Topic 7: Employment and Unemployment
- Meaning of employment
- Meaning of unemployment
- Factors that determine the rate of unemployment
- Types of unemployment
- Causes of unemployment
- Measures to reduce unemployment
Topic 8: Inflation
- Meaning of inflation
- Types of inflation
- Causes of inflation
- Measures to control inflation
- Effects of inflation
Topic 9: Labour Mobility
- Meaning of labour mobility
- Types of labour mobility
- Causes of labour mobility
- Effects of labour mobility on organizational productivity
- Techniques of managing labour mobility in an organization
Topic 10: Labour Costing
- Meaning of costs
- Classification of costs
- Concept of labour costing
- Types of labour costs
- Methods of calculating labour costs
- Techniques of labour cost control
Topic 11: Emerging Issues and Trends
- Emerging issues and trends
- Challenges posed by emerging issues and trends
- Ways of coping with challenges posed by emerging issues and trends
