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Lecture Economics (19/e) - Chapter 13: Wage determination

Learning objectives of this chapter include: Explain why labor productivity and real hourly compensation track so closely over time, show how wage rates and employment levels are determined in competitive labor markets, demonstrate how monopsony (a market with a single employer) can reduce wages below competitive levels,... 13 Wage Determination McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. Labor, Wages, and Earnings • Wages •Price paid for labor •Dir

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13 Wage Determination McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. Labor, Wages, and Earnings • Wages •Price paid for labor •Direct pay plus fringe benefits • Wage rate • Nominal wage • Real wage • General level of wages LO1 13-2 Role of Productivity • Labor demand depends on productivity • U.S. labor is highly productive •Plentiful capital •Access to abundant natural resources •Advanced technology •Labor quality •Other factors LO1 13-3 Real Wagesand Productivity • Long-run wages in trend of average real the U.S. S2020 S2000 S1900 S1950 D1950 D2000 D2020 D1900 Quantity of Labor LO1 13-4 Real Wagesand Productivity LO1 13-5 ... - tailieumienphi.vn
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