The objective of this course is to provide the participants with the essential labor economic knowledge and skills that are relevant for business success. By the end of this course, the participants will be able to:

• Identify and explain the key concepts and principles of labor economics, such as labor supply, labor demand, human capital, wage determination, etc.
• Apply the labor economic way of thinking to analyze the behavior and decisions of workers and employers in the labor market
• Understand the different types of labor market models, such as competitive labor market, monopsony labor market, efficiency wage model, etc., and their implications for business
• Recognize the role and impact of labor market policies, such as minimum wage, unemployment benefits, labor unions, etc., on business outcomes and welfare
• Evaluate the benefits and costs of various labor

This course is designed for professionals who want to learn or refresh their knowledge of labor economics and its relevance to business. It is suitable for anyone who works in or interacts with the business sector, such as managers, entrepreneurs, consultants, analysts, marketers, accountants, lawyers, etc.

Taking this course will help the participants to:

• Develop a solid foundation and understanding of labor economics and its importance for business
• Enhance their critical thinking and problem-solving skills
• Improve their decision-making and strategic planning abilities
• Increase their awareness and appreciation of the labor market environment and its challenges and opportunities for business
• Develop their confidence and competence in applying labor economic concepts and tools to real-world business situations

Day One:

Introduction to Labor Economics and Labor Supply

• What is labor economics and why is it important for business?
• The labor economic problem: efficiency vs equity vs incentives
• The labor economic way of thinking: marginal analysis, opportunity cost, and trade-offs
• The concept of labor supply: definition, determinants, and measurement
• The effects of labor supply on wages, employment, and income

Day Two:

Labor Demand and Wage Determination

• What is labor demand and how is it determined?
• The concept of labor demand: definition, determinants, and measurement
• The effects of labor demand on wages, employment, and profits
• The concept of wage determination: definition, factors, and methods
• The examples of wage determination: competitive wage vs monopsony wage vs efficiency wage vs bargaining wage

Day Three:

Human Capital and Labor Market Outcomes

• What is human capital and how does it affect labor market outcomes?
• The concept of human capital: definition, types, and functions
• The effects of human capital on wages, employment, and productivity
• The concept of human capital investment: definition, benefits, and costs
• The examples of human capital investment: education vs training vs experience vs health

Day Four:

Labor Market Policies: How They Influence Business Outcomes and Welfare

• What are labor market policies and how do they influence business outcomes and welfare?
• The concept of labor market policies: definition, objectives, and features
• The types of labor market policies: minimum wage vs unemployment benefits vs labor unions vs etc.
• The benefits and costs of different types of policies: efficiency vs equity vs incentives vs etc.
• The evaluation of labor market policies: performance vs consistency vs robustness

Day Five:

Labor Market Issues: How They Impact Business Decisions

• What are some important labor market issues and how do they impact business decisions?
• The concept of labor market issues: definition, objectives, and features
• The examples of labor market issues: discrimination vs immigration vs outsourcing vs automation vs etc.
• The role and impact of labor market issues on business functions: strategy, marketing, finance, human resources, etc.
• The evaluation of labor market issues: profitability, risk, sustainability, responsibility, etc.

To enhance learning and practical application of concepts, the training course will use a combination of interactive lectures, case studies, group discussions, practical exercises, and real-world examples. Participants will also get the chance to collaborate on group projects and create action plans adapted to the needs of their respective organizations.