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Read Ch. 18 of Principles of Microeconomics : 18-1 The Demand for Labor, pp. 374-380 18-3 Equilibrium in the Labor Market, pp. 381-386 Consider the...

Read Ch. 18 of Principles of Microeconomics:

  • 18-1 The Demand for Labor, pp. 374-380
  • 18-3 Equilibrium in the Labor Market, pp. 381-386 

Consider the following as you read:

  1. Understand the economy's stock of equipment and structures.
  2. Consider how much capital goes to employees.
  3. Consider how much capital goes to property owners.
  4. Consider why some workers earn higher wages than others, some landowners higher rental income than others, and some capital owners greater profit than others? Why, in particular, do computer programmers earn more than gas station attendants?
  5. Understand the basic theory for the analysis of factor markets.
  6. Understand the term factors of production and the three most important factors of production.
  7. Understand the term derived demand.

Read Ch. 20 of Principles of Microeconomics:

  • 20-2 The Political Philosophy of Redistributing Income, pp. 421-424
  • 20-3 Policies to Reduce Poverty, pp. 424-428 

Consider the following as you read: 

  1. Understand the factors that determine wages which are largely responsible for determining how the economy's total income is distributed among the various members of society.
  2. Understand distribution of income.

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