by Marquita Rose Walker, PhD
Labor Education Program, University of Missouri–Columbia

The study of economics covers how society allocates its scarce resources to produce and distribute goods that are valued. Labor, capital, natural resources and entrepreneurship are the primary factors that contribute to and influence economic growth. Labor represents the human factor in producing the goods and services of an economy; there is a market for the services people provide in exchange for wages. The quantity and quality of labor individuals supply is an important factor in determining the economy’s level of production and rate of growth. Economic changes such as rapid or declining economic growth, unemployment, population growth, and legislation have a significant impact on the overall job market. Various components influencing labor and the economic environment will be presented and discussed in this course.