TAILIEUCHUNG - Ebook Economics (18th edition): Part 2
(BQ) Part 2 book "Economics" has book: The demand for resources; wage determination; rent, interest, and profit; natural resource and energy economics; public goods, externalities, and information asymmetries; public choice theory and the economics of taxation; antitrust policy and regulation, economics and policy,.and other contents. | PART THREE Microeconomics of Resource Markets 12 THE DEMAND FOR RESOURCES 13 WAGE DETERMINATION 14 RENT, INTEREST, AND PROFIT 15 NATURAL RESOURCE AND ENERGY ECONOMICS IN THIS CHAPTER YOU WILL LEARN: 1 The significance of resource pricing. 2 How the marginal revenue productivity of a resource relates to a firm’s demand for that resource. 3 The factors that increase or decrease resource demand. 4 The determinants of elasticity of resource demand. 12 5 How a competitive firm selects its optimal combination of resources. The Demand for Resources When you finish your education, you probably will be looking for a new job. But why would someone want to hire you? The answer, of course, is that you have a lot to offer. Employers have a demand for educated, productive workers like you. We need to learn more about the demand for labor and other resources. So, we now turn from the pricing and production of goods and services to the pricing and employment of resources. Although firms come in various sizes and operate under highly different market conditions, each has a demand for productive resources. Firms obtain needed resources from households—the direct or indirect owners of land, labor, capital, and entrepreneurial resources. So, referring to the circular flow model (Figure , page 40), we shift our attention from the bottom loop of the diagram (where businesses supply products that households demand) to the top loop (where businesses demand resources that households supply). This chapter looks at the demand for economic resources. Although the discussion is couched in terms d of labor, the principles developed also apply to land, capital, and entrepreneurial ability. In Chapter 13 253 we will combine resource (labor) demand with labor supply to analyze wage rates. In Chapter 14 we will use resource demand and resource supply to examine the prices of, and returns to, other productive resources. Issues relating to the use of natural resources are the subject .
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