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ECON 3240 week 1.docx

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ECON 3240
Helmar Drost

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ECON 3240 (week 1) 1. What is labour economics a relevant subject to study? 2. What do labour economics study? 2.1 what is the focus of economics in general? First focus: the study of human behaviour regarding the production and exchange of goods and services. - The pursuit of self-interest - Scarcity and the concept of opportunity cost - Optimal decision making Second focus: the interaction of economic agents (households and firms) in markets - The concept of the market Third focus: the interaction of markets in an economy Fourth focus: LECTURE Distribution of National Income (2010) Wages, salaries and supplementary labour income – 69.6% Corporate profits – 14.8% Interest and miscellaneous investment income – 5.7% Income from non-farm unincorporated business including rent – 8.5% - Firms operates in financial markets, commodity serviced markets, and labour markets (households, companies, government agencies) – usually in HR - Labour economic widens your horizon, see outside of the box, see the firm outside of the economic environment ESSENTIAL IN ECONOMIC - It is a social science, it deals with human being and behaviour 1. Assumption that human beings make that are driven in self-interest - Utilitarianism: people are driven by self-interest; people pursue their self-interest would
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