This unit provides an in-depth understanding of how labour markets function, exploring how workers and employers interact to determine wages, employment, and working conditions. Students will examine key economic models, including labour supply and demand, human capital theory, and job search models, to analyse labour market behaviour. Moreover, you will explore how economic theory and empirical evidence inform the design of real-world labour policies, including minimum wage laws, unemployment insurance, and anti-discrimination measures. By the end of the unit, students will develop the skills to apply economic reasoning to labour market issues, critically assess labour policies, and understand the broader economic and social implications of labour market outcomes in both Australian and global contexts.

Learning outcomes

After successful completion of this unit, students will be able to:
1. Interpret labour market statistics utilising key concepts and models of labour economics;
2. Critically analyse labour market phenomena with reference to empirical evidence and real-world developments;
3. Evaluate the effect of government policies and emerging challenges on labour markets; and
4. Apply and communicate knowledge of labour market issues through writing, oral or visual presentation.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - think globally about issues in their profession
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas

Prerequisites

11175 Introduction to Economics

Corequisites

None.

Incompatible units

None.

Equivalent units

11225 Industries and Markets

Assumed knowledge

None.