TAILIEUCHUNG - Lecture Macroeconomics (20/e): Chapter 15 - McConnell, Brue, Flynn

Chapter 15 - Money creation. This chapter explains how the banking system creates money and increases the money supply. The balance sheets of the banks are used to show how different transactions impact the banks and the money supply. You will learn the difference between excess and required reserves. You will learn how the money multiplier impacts the money supply. Lastly, we will discuss the bank panics of the 1930s. | 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 .

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