Chp9 - Chapter9 LaborMarkets 9.1THEECONOMICIMPROTANCE

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    Chapter 9 Chapter 9 Labor Markets Labor Markets
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9.1 THE ECONOMIC IMPROTANCE  9.1 THE ECONOMIC IMPROTANCE  OF LABOR MARKETS OF LABOR MARKETS Competitive labor market where the forces of demand and supply interact to  determine wage rates and employment. Labor market channel in the economy through which  supplies  of  essential labor are obtained by  firms  at acceptable  prices and through which the population obtains most  of its livelihood by selling its labor at offered wages  and salaries.
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9.1.1 Input and Living Standards 9.1.1 Input and Living Standards Firms: hiring of labor in  order to achieve  their objectives Household: supplying labor to  achieve desired incomes  or standards of living. make choices best choices
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9.1.2 The Centrality of Labor 9.1.2 The Centrality of Labor exchange value (price) sharing of power in the economy distribution of earnings and wealth
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9.1.3 Labor Market as Vehicles  9.1.3 Labor Market as Vehicles  for Choices for Choices Households Which of their members are to seek  employment (full-time or part-time) What search activity Which job Which members are to receive  education and training Which member are to do the work  of the household Which member are to migrate Consider Rates of pay Timing Costs of education and training Costs of migration and relocation Firms Hours of labor needed Best mix of labor and other inputs  (machinery) Types of labor needed Hiring and firing Levels of “on the job” training Search for labor  Rates of pay
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Chp9 - Chapter9 LaborMarkets 9.1THEECONOMICIMPROTANCE

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