ECONOMICS CASE, SLP, and THREAD DISCUSSION HOMEWORK

The Labor Market

Modular Learning Outcomes

Upon successful completion of this module, the student will be able to satisfy the following outcomes:

•Case ◦Identify the major factors that affect demand for resources.

◦Determine wage in a perfectly competitive market.

•SLP ◦Explore the effect of labor market imperfections.

•Discussion ◦Explore the term marginal change and its importance in economics.

◦Identify the major factors that affect demand for resources.

Module Overview

This module focuses on the market for factors of production. In these types of markets, the firm demands inputs (capital, labor, land) for production while households provide their resources. Therefore, the firm creates demand and the households are the suppliers.