The Economics of Labor markets Chapter 18 Copyright C 2001 by Harcourt, Inc All rights reserved. Requests for permission to make copies of any part of t work should be mailed to Permissions Department, Harcourt College Publishers 6277 Sea Harbor Drive. Orlando Florida 32887-6777
The Economics of Labor Markets Chapter 18 Copyright © 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777
Factors of Production Factors of production are the inputs used to produce goods and services H arc Inc items and derived items copyright o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Factors of Production Factors of production are the inputs used to produce goods and services
The market for the factors of Production The demand for a factor of production is a derived demand. eA firm's demand for a factor of production is derived from its decision to supply a good in another market H arc Inc items and derived items copyright o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Market for the Factors of Production The demand for a factor of production is a derived demand. uA firm’s demand for a factor of production is derived from its decision to supply a good in another market
The demand for labor Labor markets. like other markets in the economy, are governed by the forces of supply and demand. Harcourt, Inc. items and derived items copyright o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Demand for Labor Labor markets, like other markets in the economy, are governed by the forces of supply and demand
The Versatility of Supply and Demand (a The Market for Apples (b The Market for Apple Pickers Wage of Price of Apple Apples Supply Pickers Supply Demand Demand Quantity 0 Quantity of of Apples Apple Pickers Harcourt, Inc. items and derived items copyright o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Versatility of Supply and Demand... (a) The Market for Apples (b) The Market for Apple Pickers Quantity of Apples Quantity of Apple Pickers Q L P W 0 0 Price of Apples Wage of Apple Pickers Demand Demand Supply Supply