Ebook Principles of economics (7th edition): Part 2
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Ebook Principles of economics (7th edition): Part 2
www.downloadslide.comThe Economicsof Labor Marketsdownloadslide.comCHAPTER18The Markets for the Factors of ProductionWhen you finish school, your inco Ebook Principles of economics (7th edition): Part 2ome will be determined largely by what kind of job you lake. 1Í you become a computer programmer, you will earn more than if you become a gas station attendant. This fact is not surprising, but itis not obvious why it is true. No law requires that computer programmers be paid more than gas station a Ebook Principles of economics (7th edition): Part 2ttendants. No ethical principle says that programmers are more deserving. What then determines which job will pay you the higher wage?Your income, ofEbook Principles of economics (7th edition): Part 2
course, is a small piece of a larger economic picture. In 2012,the total income of all U.S. residents was about $15 trillion. People earned thisincomewww.downloadslide.comThe Economicsof Labor Marketsdownloadslide.comCHAPTER18The Markets for the Factors of ProductionWhen you finish school, your inco Ebook Principles of economics (7th edition): Part 2tal—the economy's stock of equipment and structures—in the form of rent, profit, and interest. What determines how much goes to workers? To landowners? To the owners of capital? Why do some workers earn higher wages than others, some landowners higher rental income than others, andAllvu- Mta O0A uAf Ebook Principles of economics (7th edition): Part 2kielnUat MatiM w uEbook Principles of economics (7th edition): Part 2
and servicessome capital owners greater profit than others? Why, in particular, do computer programmers earn more than gas station attendants?The answww.downloadslide.comThe Economicsof Labor Marketsdownloadslide.comCHAPTER18The Markets for the Factors of ProductionWhen you finish school, your inco Ebook Principles of economics (7th edition): Part 2aid to workers, landowners, and capital owners. To understand why some people have higher incomes than others, therefore, we need to look more deeply at the markets for the services they provide. That is our job in this and the next two chapters.This chapter provides the basic theory for the analysi Ebook Principles of economics (7th edition): Part 2s of factor markets. As you may recall from Chapter 2, the factors of production are the inputs used to produce goods and services. Libor, land, and cEbook Principles of economics (7th edition): Part 2
apital are the three most important factors of production. When a computer firm produces a new software program, it uses programmers’ time (labor), thwww.downloadslide.comThe Economicsof Labor Marketsdownloadslide.comCHAPTER18The Markets for the Factors of ProductionWhen you finish school, your inco Ebook Principles of economics (7th edition): Part 2 gas, it uses attendants' time (labor), the physical space (land), and the gas tanks and pumps (capital).In many ways factor markets resemble the markets for goods and services we analyzed in previous chapters, but they are different in one important way: The demand for a factor of production is a d Ebook Principles of economics (7th edition): Part 2erived demand. That is, a firm's demand for a factor of production is derived from its decision to supply a good in another market. The demand for comEbook Principles of economics (7th edition): Part 2
puter programmers is inseparably linked to the supply of computer software, and the demand for gas station attendants is inseparably linked to the supwww.downloadslide.comThe Economicsof Labor Marketsdownloadslide.comCHAPTER18The Markets for the Factors of ProductionWhen you finish school, your inco Ebook Principles of economics (7th edition): Part 2uy. We begin our analysis by examining the demand for labor. Libor is the most important factor of production, because workers receive most of the total income earned in the U.S. economy. Later in the chapter, we will see that our analysis of the labor market also applies to the markets for the othe Ebook Principles of economics (7th edition): Part 2r factors of production.The basic theory of factor markets developed in this chapter takes a large step toward explaining how the income of the U.S. eEbook Principles of economics (7th edition): Part 2
conomy is distributed among workers, landowners, and owners of capital. Chapter 19 builds on this analysis to examine in more detail why some workers www.downloadslide.comThe Economicsof Labor Marketsdownloadslide.comCHAPTER18The Markets for the Factors of ProductionWhen you finish school, your inco Ebook Principles of economics (7th edition): Part 2government should and does play in altering the income distribution.18-1 The Demand for LaborLabor markets, like other markets in the economy, are governed by the forces of supply and demand. This is illustrated in Figure 1. In panel (a), the supply and demand for apples determine the price of apple Ebook Principles of economics (7th edition): Part 2s. In panel (b), the supply and demand for apple pickers determine the price, or wage, of apple pickers.As we have already noted, labor markets are diEbook Principles of economics (7th edition): Part 2
fferent from most other markets because labor demand is a derived demand. Most labor services, rather than being final goods ready to be enjoyed by cowww.downloadslide.comThe Economicsof Labor Marketsdownloadslide.comCHAPTER18The Markets for the Factors of ProductionWhen you finish school, your inco Ebook Principles of economics (7th edition): Part 2oduce goods for sale. By examining the link between the production of goods and the demand for labor to make those goods, we gain insight into the determination of equilibrium wages.U-TÀV AilMria.«*• ***- ttf a fwi t»« M 4^.r.«. ri/U- liolfw*} u«4.«4 MJ u(•« cu «lk.4Iu X*BmJ«4*4^4 UÍM4 f*4éíiM lUEbook Principles of economics (7th edition): Part 2
ply to goods and to labor services. Panel (a) shows how the supply and demand tor apples determine the price ol apples. PanelGọi ngay
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