TOPICS
Wages and
Productivity
8 labor market models
Why wages differ
OUTCOMES
List those factors that have led to
an increasing level of labor productivity and real wages in
the U.S.
Describe the following labor market
models. Determine the equilibrium wage rate, employment
level, and its effect on efficiency. Be able to Define,
Draw, and Describe the shapes of the graphs for each
model.
Competitive labor market
in a competitive product market (table of data and a
graph)
Competitive labor market in an
imperfectly competitive product market (table of data and
a graph)
Monopsony (table of data and a
graph)
Union Model: increasing demand for
labor
Union Model: craft (exclusive)
union
Union Model: industrial
(inclusive) union
Union Model: bilateral
monopoly
Minimum Wage Models
- traditional minimum
wage model
- minimum wage in a
monopsony
- minimum wage and the price
elasticity of demand for labor
Why wages differ - Explain the demand
and supply factors that create wage
differentials.
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