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In this chapter we examine how wages are determined in competitive markets and imperfectly competitive markets. We look at factors that impact wages, including the influence of unions. We will analyze wage differences with union models including craft unions and industrial unions. We will discuss reasons for wage differentials across jobs and analyze the effects of the minimum wage on the labor market. | Chapter 15 Wage Determination Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. In this chapter we examine how wages are determined in competitive markets and imperfectly competitive markets. We look at factors that impact wages, including the influence of unions. We will analyze wage differences with union models including craft unions and industrial unions. We will discuss reasons for wage differentials across jobs and analyze the effects of the minimum wage on the labor market. Wages Price paid for labor Direct pay plus fringe benefits Wage rate Nominal wage Real wage General level of wages Labor, Wages, and Earnings LO1 The term “labor” is used to refer to virtually any type of worker: blue-collar, white-collar, hourly, salaried, professional, etc. Wages, the price paid for labor, include not only direct money payments but also fringe benefits like vacations and health . | Chapter 15 Wage Determination Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. In this chapter we examine how wages are determined in competitive markets and imperfectly competitive markets. We look at factors that impact wages, including the influence of unions. We will analyze wage differences with union models including craft unions and industrial unions. We will discuss reasons for wage differentials across jobs and analyze the effects of the minimum wage on the labor market. Wages Price paid for labor Direct pay plus fringe benefits Wage rate Nominal wage Real wage General level of wages Labor, Wages, and Earnings LO1 The term “labor” is used to refer to virtually any type of worker: blue-collar, white-collar, hourly, salaried, professional, etc. Wages, the price paid for labor, include not only direct money payments but also fringe benefits like vacations and health insurance. A nominal wage is the amount of money received per hour, day, or year. A real wage is the quantity of goods and services a worker can obtain with nominal wages or the “purchasing power” of nominal wages. Wage rates differ greatly among nations, regions, occupations, and individuals. Role of Productivity Labor demand depends on productivity U.S. labor is highly productive Plentiful capital Access to abundant natural resources Advanced technology Labor quality Other factors LO1 The demand for labor, like other resources, depends on its productivity. The greater the productivity of labor, the greater is the demand for it. And if the supply of labor is relatively fixed, that means the average level of real wages will be higher. The U.S. and other advanced economies benefit from highly productive labor. This is due to the plentiful capital available in these nations, access to abundant natural resources, advanced technology, the quality of the labor, and other less obvious factors such
