{"id":7430,"date":"2018-03-29T21:02:17","date_gmt":"2018-03-29T21:02:17","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/?post_type=chapter&#038;p=7430"},"modified":"2024-04-25T23:05:31","modified_gmt":"2024-04-25T23:05:31","slug":"introduction-to-labor-markets","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/introduction-to-labor-markets\/","title":{"raw":"Introduction to Labor Markets","rendered":"Introduction to Labor Markets"},"content":{"raw":"<h2>What you'll learn to do: analyze labor markets and how supply and demand interact to determine the market wage rate<\/h2>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/03\/03195102\/33189144472_5c846783ca_o.jpg\"><img class=\"aligncenter wp-image-8101 \" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/03\/03195102\/33189144472_5c846783ca_o.jpg\" alt=\"Image of a group of men in the early 1900's working on paving a city road.\" width=\"567\" height=\"376\" \/><\/a>\r\n\r\nJust as a firm determines the amount of a product or service to provide based on marginal costs, a firm also makes decisions about employing people based on the marginal productivity of their labor. In this section, you'll learn about how firms determine how many people to hire.","rendered":"<h2>What you&#8217;ll learn to do: analyze labor markets and how supply and demand interact to determine the market wage rate<\/h2>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/03\/03195102\/33189144472_5c846783ca_o.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8101\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/03\/03195102\/33189144472_5c846783ca_o.jpg\" alt=\"Image of a group of men in the early 1900's working on paving a city road.\" width=\"567\" height=\"376\" \/><\/a><\/p>\n<p>Just as a firm determines the amount of a product or service to provide based on marginal costs, a firm also makes decisions about employing people based on the marginal productivity of their labor. In this section, you&#8217;ll learn about how firms determine how many people to hire.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-7430\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Labor Markets. <strong>Authored by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Street work at 7th &amp; Dearborn, 1927. <strong>Authored by<\/strong>: Seattle Municipal Archives. <strong>Provided by<\/strong>: flickr. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/seattlemunicipalarchives\/33189144472\/\">https:\/\/www.flickr.com\/photos\/seattlemunicipalarchives\/33189144472\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":2,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Labor Markets\",\"author\":\"Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Street work at 7th & Dearborn, 1927\",\"author\":\"Seattle Municipal Archives\",\"organization\":\"flickr\",\"url\":\"https:\/\/www.flickr.com\/photos\/seattlemunicipalarchives\/33189144472\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"27c9f64c-ed2d-446a-b425-3d76da61f9b4","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-7430","chapter","type-chapter","status-publish","hentry"],"part":6565,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/7430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":8,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/7430\/revisions"}],"predecessor-version":[{"id":8119,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/7430\/revisions\/8119"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/6565"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/7430\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=7430"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=7430"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=7430"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=7430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}