Chapters+8++10-23-2006+

Chapters+8++10-23-2006+ - Chapter8 The Labor Market...

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10-23-2006 1 Chapter 8 The Labor Market The Labor Market
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10-23-2006 Chapter 6 – Slide 2 Labor Market Think of “labor” as any other factor product The workers/employees are the suppliers  in that market The employers are the consumers in that  market
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10-23-2006 Chapter 6 – Slide 3 Labor Supply Who are suppliers?  You and me!  All workers! What output decision should the workers  make? The tradeoff between work hours and leisure  hours The tradeoff between income and leisure
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10-23-2006 Chapter 6 – Slide 4 Labor Demand Employers willingness and ability to hire  ---  demand for labor Derived Demand --- demand for labor  depends on other factors  Firms’ expected sales and output
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Chapters+8++10-23-2006+ - Chapter8 The Labor Market...

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