TAILIEUCHUNG - Lecture Labour market economics: Chapter 5 - Dwayne Benjamin, Morley Gunderson, Craig Riddell

Labour demand is "derived demand," that is, labour is hired in order to produce goods which are sold in the product market. For this reason, labour demand is always connected to the product market, especially in terms of the degree of competition, whether from foreign or domestic producers. In this chapter, we will address the following contents: Labour demand curve, short and long run, elasticity, competitiveness of Canadian labour, globalization. | Chapter Five Demand for Labour in Competitive Labour Markets Created by: Erica Morrill, Fanshawe College Chapter 5- © 2002 McGraw-Hill Ryerson Ltd. Chapter Focus Labour demand curve Short and long run Elasticity Competitiveness of Canadian labour Globalization Chapter 5- © 2002 McGraw-Hill Ryerson Ltd. Demand for Labour Factors of production inputs into the production of final goods Linked to the firms demand for goods/services Derived demand Chapter 5- © 2002 McGraw-Hill Ryerson Ltd. Employment Decisions Short-run – one or more factors of production cannot be varied Long-run – firm can adjust all of its inputs State of technical knowledge is assumed to be fixed Chapter 5- © 2002 McGraw-Hill Ryerson Ltd. Demand for Labour The quantity of labour services the firm would employ at each wage Depends on the firms objectives and constraints Objective is to maximize profits Chapter 5- © 2002 McGraw-Hill Ryerson Ltd. Firm’s Constraints Demand for product (output) .

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