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Labour economics refers to the study of labour forces as an integral element during the entire production process. Labor force consists of all those people who work in order to profit, whether as employers, employees, or are self-employed. It also includes the unemployed section seeking job opportunities or work.
This area of study includes the study and examination of the multiple factors which affect the output and efficiency of workers and their deployment in different industries or occupations. Labour economics create models for studying these factors and studies the labour force of countries around the world.
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