An introduction to the concept of the labor market, and the elements that distinguish it from commodity or other factor markets. The economic theory of trade union behavior is discussed, as well as the effects of unions on labor markets and the economy as a whole. Economic statistics from Macao, Hong Kong, China and the United States are applied to understand problems of the labor markets in those countries.

CILO-1: Describe the fundamental concepts, theories, and methods used in analyzing labor markets, including the relationships between macroeconomic phenomena such as unemployment and individual behaviour in the labor market. CILO-2: Apply economic models to make predictions about the impact of public policy recommendations on the labor market, and evaluate existing data relating to these predictions. CILO-3: Analyze key features of the labor market, such as labor supply, labor demand, wage determination, monopsony, efficiency wage theories, job search, principal-agent problems, wage bargaining, and discrimination. CILO-4: Evaluate the implications of labor market theory and analysis for public policy, and assess the potential effectiveness of various policy proposals in addressing labor market issues such as unemployment, wage inequality, and discrimination.