TAILIEUCHUNG - Lecture Principles of microeconomics - Chapter 13: Labour markets

This chapter introduces you to labour markets, and the demand and supply of labour. You will also learn about the different outcomes when many firms or when only one firm are employing labour in a given market. | Labour Markets and the Public Sector Part 4 Slide 13 - What is Part 4 about? Slide 13 - Labour Markets (Ch. 13): Preview Slide 13 - The Economics of Public Policy (Ch. 14): Preview Slide 13 - Public Goods and Taxation (Ch. 15): Preview Slide 13 - Income Distribution (Ch. 16): Preview Slide 13 - Labour Markets Slide 13 - What is Chapter 13 about? Slide 13 - I. Equilibrium in the Labour Market Slide 13 - Characteristics of Labour Markets Sale of human labour is different from the sale of other goods Sale of goods implies we give up any future claim we have on it But we merely “rent” labour services It is illegal to sell ourselves into slavery “People are different” - heterogeneity means labour differs in quality Motivation is essential to productivity Slide 13 - How Different are Labour Markets? Supply and demand are still the key analytic tools Supply = Demand determines equilibrium wage and quantity Shifts in the SS & DD curves are analogous to

• Kinh tế học
• Principles of microeconomics
• Lecture Principles of microeconomics
• Market imperfections
• Labour markets
• Marginal product
• Marginal labor cost
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Monopolistic competition
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Perfect competition
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Policy analysis with supply
• Policy analysis with demand
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Firms profit graphically
• Accounting profit
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing