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\nUnderstanding Labor Markets and Equilibrium Wage Rates\n

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\nIn this video, the presenter explains the fundamentals of labor markets and how economists study them. They discuss the downward sloping labor demand curve, and how higher wage rates cause firms to demand fewer workers. They also explain...\nIn this video, the presenter explains the fundamentals of labor markets and how economists study them. They discuss the downward sloping labor demand curve, and how higher wage rates cause firms to demand fewer workers. They also explain the upward sloping labor supply curve. The video then goes on to describe how these two curves interact in a perfectly competitive market to determine an equilibrium wage rate and number of workers.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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3:49
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" href=\"/subscription/new\">Video Transcript\n
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Concepts

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economics, markets, demand curve, demand, labor, scale, workers, revenue
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Additional Tags

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a-level, snapshots, summary, micro, slide, perfectly, competitive, labour, downward sloping, upward sloping, wage rate, usual assumptions, equilibrium position, population size, labour curve, additional worker, marginal revenue, supply curve, labour markets, market scale, labour supply, majority, worker, level, market, case, shift, firms, supply
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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Educator Ratings

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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Understanding Labor Markets and Equilibrium Wage Rates\" href=\"/subscription/new\">\"Understanding\n\n
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