Chapter 12 - Labor Markets and Labor Unions

resource supplier

As a(n) , you have a labor supply curve for each of your labor's numerous possible applications.

Nonmarket work

includes time spent washing laundry, preparing a meal, or cleaning up after yourself.

Nonmarket labor

also includes time spent learning new skills and expanding your knowledge to increase your productivity.

market wage

The is determined by both labor demand and labor supply, just as both blades of scissors contribute equally to cutting paper.

term leisure

The refers to the time spent on non- work activities.

Nonmarket labor

includes either directly producing products and services, such as creating your own, or indirectly producing goods and services.

Leisure

refers to the time spent on non-work activities