Lecture 17: Labor Markets
Economics of Competitive Labor Markets
Core Principle: labor is an economic good; the value* of labor is determined by marginal value (i.e. Demand and Supply)
*Remember, Price = market value
Lecture 18: Public Goods and Common Resources
Categories of goods:
EXCLUDABLE: dont pay, dont get to use (must pay to use)
NONEXCLUDABLE: dont pay, may use (dont have to pay to use)
RIVAL: my use precludes your use (we both cant use
Lecture 19: Spending
Pathologies of Government
1. the science or the study of the origin, nature,
and course of diseases.
2. the conditions and processes of a disease.
3. any deviation from a healthy, normal, or efficient
Lecture 4: DEMAND
Law of Demand
Demand Slopes Down!
There is an inverse relationship between the price
of a good and the quantity demanded
As price goes up, people buy less (lower
QUANTITY purchased/ consumed)
As price goes down, people buy more (high
Lecture 18: Public Goods
Econ & Government
The Economic role/ purpose of
The economics of government:
-how does public choice differ from private
Economic purpose of
Which good/service can we not
through the ma
Lecture 17: Labor
What determines workers wages?
What explains wage differences?
What causes/ limits employment
What about income inequality?
What determines wages?
Wage = market price of a particular kind of
in a p