Module 14: The Labor Market

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Last updated 5:57 AM on 12/11/25
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6 Terms

1
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Value of the marginal product (VMP)

the change in revenue from hiring one more worker.

  • VMP = Price x Marginal Product of the worker

  • A firm's demand for labor

2
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Human capital

accumulated knowledge and skills acquired from formal training, education, and/or life experiences

3
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Labor supply

the decisions of individuals on how much to work given

4
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Increases in human capital changes in…

  • Technology

  • Price of the product

  • Quantity of inputs

  • Quantity of firms in the market

5
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Market supply of labor changes with…

  • Population

  • Demographics

    • birth rates

    • role of women in the labor force

  • Changing alternatives

6
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If the labor supply curve shifts to the left​….

equilibrium wage will rise and employment will fall