<P> Labour economics seeks to understand the functioning and dynamics of the markets for wage labour . </P> <P> Labour markets or job markets function through the interaction of workers and employers . Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income . </P> <P> In economics, labour is a measure of the work done by human beings . It is conventionally contrasted with such other factors of production as land and capital . There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work). </P> <P> There are two sides to labour economics . Labour economics can generally be seen as the application of microeconomic or macroeconomic techniques to the labour market . Microeconomic techniques study the role of individuals and individual firms in the labour market . Macroeconomic techniques look at the interrelations between the labour market, the goods market, the money market, and the foreign trade market . It looks at how these interactions influence macro variables such as employment levels, participation rates, aggregate income and gross domestic product . </P>

N​ economics the term capital refers to
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