Ebook Principles of economics (9/E): Part 2
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Ebook Principles of economics (9/E): Part 2
www.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2e determined largely by what kind of job you take. If you become a computer programmer, you will earn more than if you become a gas station attendant. This fact is not surprising, but it is not obvious why it is true. No law requires that computer programmers be paid more than gas station attendants Ebook Principles of economics (9/E): Part 2. No ethical principle says that programmers arc more deserving. What then determines which job will pay you the higher wage?Your income, of course, iEbook Principles of economics (9/E): Part 2
s a small piece of a larger economic picture. In 2015, the total income of all U.S. residents (a statistic called national income) was about $16 trillwww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2ners and to the owners ofwww.downloadslide.net362 PART VI THE ECONOMICS OF LABOR MARKETSfactors of production the inputs used to produce goods and servicescapital—the economy's stock of equipment and structures—in the form of rent, profit, and interest. What determines how much goes to workers? To l Ebook Principles of economics (9/E): Part 2andowners? To the owners of capital? Why do some workers earn higher wages than others, some landowners higher rental income than others, and some capEbook Principles of economics (9/E): Part 2
ital owners greater profit than others? Why, in particular, do computer programmers earn more than gas station attendants?The answers to these questiowww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2wners, 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 analysis of factor markets. Ebook Principles of economics (9/E): Part 2As you may recall from Chapter 2, the factors of production are the inputs used to produce goods and services. Labor, land, and capital are the threeEbook Principles of economics (9/E): Part 2
most important factors of production. When a computer firm produces a new software program, it uses programmers' time (labor), the physical space on wwww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2nts' 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 derived demand. That i Ebook Principles of economics (9/E): Part 2s, a firm's demand for a factor of production is derived from its decision to supply a good in another market. The demand for computer programmers isEbook Principles of economics (9/E): Part 2
inseparably linked to the supply of computer software, and the demand for gas station attendants is inseparably linked to the supply of gasoline.In thwww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2ysis 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 other factors of producti Ebook Principles of economics (9/E): Part 2on.The basic theory of factor markets developed in this chapter takes a large step toward explaining how the income of the U.S. economy is distributedEbook Principles of economics (9/E): Part 2
among workers, landowners, and owners of capital. Chapter Id builds on this analysis to examine in more detail why some workers earn more than otherswww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2 does play in altering the income distribution.18-1 The Demand for LaborLibor 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 apples. In panel (b), the Ebook Principles of economics (9/E): Part 2supply and demand for apple pickers determine the price, or wage, of apple pickers.As we have already noted, labor markets are different from most othEbook Principles of economics (9/E): Part 2
er markets because labor demand is a derived demand. Most labor services, rather than being final goods ready to be enjoyed by consumers, are inputs iwww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2duplicated. in wtefe or in part. WCN 02 TOO MJwww.downloadslide.netCHAPTER 18 THE MARKETS FOR THt HACI QKSUt- HKUUUCIIUN 363The basic tools of supply and demand apply to grads and to labor services.Panel (a) shows how the supply and demand for apples determine the price of apples.Panel (b> shows how Ebook Principles of economics (9/E): Part 2 the supply arid demand lor apple pickers determine the wage ol apple pickers.FIGURE 1The Versatility of Supply and Demandthat hire the labor and useEbook Principles of economics (9/E): Part 2
it to produce goods for sale. By examining the link between the production of goods and the demand for labor to make those goods, we gain insight intowww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2des what quantity of labor to demand. The firm owns an apple orchard and each week decides how many apple pickers to hire to harvest its crop. After the firm makes its hiring decision, the workers pick as many apples as they can. The firm then sells the apples, pays the workers, and keeps what is le Ebook Principles of economics (9/E): Part 2ft as profit.We make two assumptions about our firm. First, we assume that our firm is amt petit™? both in the market for apples (where the firm is aEbook Principles of economics (9/E): Part 2
seller) and in the market for apple pickers (where the firm is a buyer). A competitive firm is a price taker. Because there arc many other firms selliwww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will be Ebook Principles of economics (9/E): Part 2akes the price and the wage as given by market conditions. It only has to decide how many apples to sell and how many workers to hire.Second, we assume that the firm is profit maximizing. Ihus, the firm docs not directly care about the number of workers it employs or the number of apples it produces Ebook Principles of economics (9/E): Part 2. It cares only about profit, which equals the total revenue from the sale of apples minus the total cost of producing them. The firm’s supply of applEbook Principles of economics (9/E): Part 2
es and its demand for workers are derived from its primary goal of maximizing profit.www.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will bewww.downloadslide.netPART VIThe Economics of Labor MarketsThe Markets for the Factorsof ProductionCHAPTER18When you finish school, your income will beGọi ngay
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