Module 14: The Labor Market
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6 Terms
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
Human capital
accumulated knowledge and skills acquired from formal training, education, and/or life experiences
Labor supply
the decisions of individuals on how much to work given
Increases in human capital changes in…
Technology
Price of the product
Quantity of inputs
Quantity of firms in the market
Market supply of labor changes with…
Population
Demographics
birth rates
role of women in the labor force
Changing alternatives
If the labor supply curve shifts to the left….
equilibrium wage will rise and employment will fall
