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Labor Economics

by: Roma Mayert

Labor Economics ECP 3203

Roma Mayert
University of Central Florida
GPA 3.68

Warmoth Gibbs

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Warmoth Gibbs
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This 9 page Class Notes was uploaded by Roma Mayert on Thursday October 22, 2015. The Class Notes belongs to ECP 3203 at University of Central Florida taught by Warmoth Gibbs in Fall. Since its upload, it has received 42 views. For similar materials see /class/227508/ecp-3203-university-of-central-florida in Economic Problems & Policy at University of Central Florida.

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Date Created: 10/22/15
ECP 3203 1102007 A Chapter 1 Labor Economics Introduction and Overvrew Aftl learning the material in Chapter 1 of Contemporary Labor Economics tlre studentslrould be able to I explain why labor economics is justi ed as a special field of inquiry describe howthe economic perspective can be applied to analysis oflabor markets list and explain the basic assumptions underlying the choicetheoretic approach to labor economics identify those topics in labor economics that are mainly microeconomic and those that are primarily macroeconom39c describe several benefits that derive 39om understanding labor economics Economics Study of how to best allocate limited resources among competing uses l Limited Resources Factors of Production 0 Capital 0 Land 0 Labor Chapter 1 1 ECP 3203 1102007 1 Labor Economics as a Discipline Labor market vs other markets I Labor services are rented not sold I Suppliers of labor care about the way in which the labor is used Labor productivity is affected by pay and working conditions Nonmonetary aspects ie leisure time Importance of Labor Economics I Socioeconomic Issues 0 Gender and race discrimination 0 Legal and illegal immigration 0 Fall in unionization c Free trade I Quantitative Importance o 75 of national income goes to labor Chapter 1 2 ECP 3203 1102007 Importance of Labor Economics l Institutional factors 0 Unions licensing minimum wage discrimination l Labor demand is a derived demand Tm ertuiam lm J r Sup y DemV m s Households V 0 L PRODUCT 2 The Old and the New A Chapter 1 3 ECP 3203 1102007 Change in Labor Economics l Old Approach 0 Highly descriptive and historical 0 Little economic analysis I New Approach 0 Uses applied micro and macro theory A 3 Economic Perspective Positive Analysis 2 An attempt to describe how the economy operates using the scientific method 2 Objective examines what if 439 Can be proved true or false with evidence Chapter 1 4 ECP 3203 1102007 Fundamental positive economic concepts I Scarcity I Rational selfinterest I Utility maximization I Profit maximization Normative Analysis Relies on value judgments to evaluate the overall functioning of the economy Subjective examines what should be Can not be proved true or false l I Labor economics uses theories of choice to explain behavior of labor market participants and resulting outcomes Chapter 1 5 ECP 3203 1102007 Choice I TheorIes rest on three assumptions 0 Relative scarcity e Purposeful behavior I Choices involve giving something up 0 an opportunity cost I Individuals make choices purposefully with an expected net gain 8 Adaptability I Workers and firms adapt to changes in expected costs and benefits A 4 Overview Microeconomics I Concentrates on the choices made by Hutuulna components of the economy u H quot1293 Chapter 1 6 ECP 3203 GDP Inflation Macroeconomics l Examines riwzmll performance of the economy Economic growth Unemployment Productivity Distribution of Earning 1102007 An Overview of Labor Economics Labor Economics 0 Microeconomics o Macroeconomics An Overview of Labor Economics Microeconomics Supply of Labor 0 WorkLeisure Decision 0 Participation Rates 0 Quality of Labor Demand for Labor Chapter 1 ECP 3203 1102007 An Overview of Labor Economics Labor Markets Efficiency Pay Schemes Wage Structure Mobility and Migration Job Search Unions and Collective Bargaining Government Discrimination ooooooo An Overview of Labor Economics Macroeconomics I Distribution of Personal Earnings I Productivity I Employment and Unemployment Questions for Thought 1 Why must the concepts of supply and demand as they pertain to products be modified when applied to labor markets Chapter 1 8 ECP 3203 1102007 Questions for Thought 2 Indicate whether each of the following statements pertains to microeconomics or macroeconomics a The unemployment rate in the United States was 42 percent in 1999 b Bartenders at Andrew s Capital Bar and Grill earn 925 per hour c The productivity of American workers as e has increased by more than 2 percent per year in the last 4 years A End Chapter 1 Chapter 1


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