This lesson outlines factors that can affect the demand for and supply of labor, causing a change in the equilibrium wage rate and level of employment in a labor market. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 28439 Jason Welker
This video looks at how the equilibrium wage rate is determined in the labour market. Excess supply and demand is explained to show how the market moves to equilibrium.
Views: 45837 Steve Lobsey
How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 539465 CrashCourse
Mr. Clifford's 60 second explanation of the labor market for cooks and the affects of minimum wage. Remember that the firms are now demanding and individuals supply. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class. ACDC is Mr. Clifford's teaching philosophy: Active Learning Cooperative Learning Discovery Learning Community
Views: 180603 Jacob Clifford
[ COMPLETE VIDEO LIBRARY: http://www.halsnarr.com/snarrinstitute.htm ] Competitive labor market equilibrium (0:00), Minimum wage creates unemployment (2:18), cobweb web model (5:13), long run dynamics and data observation (13:33), Pareto efficient (17:17), Producer surplus (19:32), Worker surplus (20:31), The competitive market maximizes total surplus (21:10), Payroll taxes assessed on firms (22:09), Payroll taxes assessed on employees (28:55), Payroll taxes assessed on firms and employees (34:22), Payroll taxes assessed on firms with inelastic labor supply (37:39), employment subsidies paid to firms (40:46)
Views: 23614 The Snarr Institute
Equilibrium price and quantity for supply and demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/changes-in-market-equilibrium?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/long-term-supply-curve-1?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 867031 Khan Academy
In this module, Rohen Shah explains how labor demand and supply are determined, and how to find the equilibrium wage and employment. For further mastery of the concept, check out our active-learning, customized platform at http://www.BestEconTutor.com
Views: 636 DiagKNOWstics Learning
Putting labor demand and labor supply together to figure out how much workers get paid (and how many get hired).
Analysis of two labor markets simultaneously where the economy wide wage equates the value of marginal product of labor across industries. The video also depicts the returns to capital in this context.
Views: 2410 Mike Moore
Wage Determination in a Perfectly Competitive Labour Market. A video covering Wage Determination in a Perfectly Competitive Labour Market Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 51263 EconplusDal
This tutorial explains what the market equilibrium is? And shifts in demand and supply curve. Everything is well explained through graphical representation. For more details log on to http://www.economicsguider.com/.
Views: 29046 Economics Guider
[ COMPLETE VIDEO LIBRARY: http://www.halsnarr.com/snarrinstitute.htm ] Immigration equalizes wages in two different regions (0:00), Evidence of wage equalization across regions (6:26), Immigrants and natives are perfect substitutes (9:39), Immigrants and natives are perfect complements (14:07), Evidence of wage being associated with immigration (15:41), Immigration is Pareto efficient (18:40), Perfectly discriminating monopsonist (20:46), Perfectly nondiscriminating monopsonist (25:35), Perfectly nondiscriminating monopolist (29:10)
Views: 4776 The Snarr Institute
This is where it starts to get interesting. One horrific diagram for Trade Unions and monopsonies but the rest is fun fun fun...
Views: 14248 Dani's Revision Channel
This is the last video about the Labor Market. Here we put together the Wage Setting and the Price Setting curves to get the equilibrium (or natural) unemployment rate of the economy. This will help us see what happens when an exogenous shock affects the Labor Market. For example, when the government increases labor protection, or when there is a boost in productivity or increase in the level of competition in the economy. The next step, after reviewing the basic ISLM model will be to get into the Medium Run ASAD framework. Because the key to get to the medium run and see how prices change is the Labor Market, as interpreted by our Ws/Ps model. The NAIRU will be an add on to the model of this video, but I will dedicate a whole section to it.
Views: 14385 Understand Economics @Berkeley
Demand Curve for Labour - Marginal Revenue Product (MRP). A video covering the Demand Curve for Labour - Marginal Revenue Product (MRP) Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 111019 EconplusDal
The Classical Theory of Income and Employment is premised on three conjectures. 1. Say's Law of Market. 2. Their conviction in wage flexibility. 3. Quantity Theory of Money. Say's Law of Market leads to the conclusion that the economy will be in full employment equilibrium. The production of goods and services generates an equal amount of money income to the suppliers of the factors of production. The saved portion of income is invested. therefore Y = C + I. By full employment it means there is no involuntary unemployment: anyone willing to work on the prevailing wage rate gets employment. Wage rate is determined through the market demand and supply curves of labour. There is is no floor or the ceiling on wage paid to the labour.. Since the output is produced at the level of full employment 'Aggregate Supply' curve' has to be inelastic. 'Aggregate Demand' curve can be obtained from the money supply (MV) as 'Quantity Theory of Money' not only leads to the conclusion that money and price hold a direct and proportional relationship. It also assumes that money is used only facilitate exchange. The intersection of vertical AS curve and downward sloping (Where price and out are measured on Y-axis and X-axis respectively)AD curve determine the price level in the economy, that eventually determines real wage rate. #YOUCANLEARNECONOMICS #ECONOMICS Subscribe me @ http://youtube.com/c/EZClassesfaghsa Like me on Facebook @ https://www.facebook.com/faghsa/ Follow me on Twitter @ https://twitter.com/?lang=en
Views: 20444 E.Z. Classes
(Asst. Prof. SANAT SHRIVASTAVA is a Faculty at Kalhana Academy an Institute for IAS, New Delhi) Follow Sanat on Facebook - https://www.facebook.com/sanat822 Follow Sanat on Linkdin - https://in.linkedin.com/in/sanat17 e-mail Id - [email protected] #economics #sanat #ecoholics Follow Sanat on Instagram! Username: sanat.shrivastava https://www.instagram.com/sanat.shrivastava?r=nametag Contact - 7223946092 (Whatsapp Number) Download our ECOHOLICS app from play store: https://play.google.com/store/apps/details?id=co.classplus.ecoh Visit our Website - http://ecoholics.in/ #upsc #ias #economics #statistics #civilservices #economyforupsc
Views: 38833 ECOHOLICS
In this second video about the Labor Market, we learn how firms set prices after the know what wages have been set, as we described in our last video. Now the only thing we have left is to introduce the notion of "equilibrium in the labor market", and see what unemployment rate comes out of that
Views: 5075 Understand Economics @Berkeley
Mr. Clifford's 60 second explanation of how to draw a perfectly competitive labor market and firm hiring workers. Notice that the perfectly elastic (horizontal) curve is now supply. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class. ACDC is Mr. Clifford's teaching philosophy: Active Learning Cooperative Learning Discovery Learning Community
Views: 220226 Jacob Clifford
Intermediate Macroeconomics Pre-AS/AD (Aggregate Supply/Aggregate Demand Model): In order to understand how the economy works in the medium run we need to take a look at the Labor Market, in order to derive the Aggregate Supply curve. This video describes the Wage Setting process by which workers bid for their salary through collective bargaining. You will understand how wages are affected by the expected price level, the labor market conditions and its peculiarities.
Views: 18349 Understand Economics @Berkeley
How a minimum wage might effect the labor market Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/v/taxation-and-dead-weight-loss?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/v/rent-control-dead-weight-cost?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 278203 Khan Academy
Learn all about equilibrium in the labor market in just a few minutes! Professor Jadrian Wooten of Penn State University explains equilibrium in the labor market and factors that shift demand and supply of labor. Learn all about microeconomics in Course Hero's study guide here: https://www.coursehero.com/sg/microec... Explore Course Hero’s collection of course and literature study guides here: https://www.coursehero.com/sg/ About Course Hero: Course Hero helps empower students and educators to succeed! We’re fueled by a passionate community of students and educators who share their course-specific knowledge and resources to help others learn. Learn more at http://www.coursehero.com. Master Your Classes™ with Course Hero! Get the latest updates: Facebook: https://www.facebook.com/coursehero Twitter: https://twitter.com/coursehero
Views: 152 Course Hero
Contrasting Keynesian and Classical Thinking Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/keynesian-thinking/v/risks-of-keynesian-thinking?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/monetary-fiscal-policy/v/tax-lever-of-fiscal-policy?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Macroeconomics on Khan Academy: Topics covered in a traditional college level introductory macroeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Macroeconomics channel: https://www.youtube.com/channel/UCBytY7pnP0GAHB3C8vDeXvg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 751197 Khan Academy
In this video I explain the money market graph with the the demand and supply of money. The graph is used to show the idea of monetary policy and how changing the money supply effects interest rates. Thanks for watching. Please subscribe Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 401320 Jacob Clifford
Y1/IB 5) Market Equilibrium & Disequilibrium. A video that focuses on Market Equilibrium and Disequilibrium in detail including the four functions of the price mechanism. Allocation scarce resources, rationing, signalling and incentivising. Instagram @econplusdal Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 28011 EconplusDal
Monopsony is a labour market structure in which there is a single powerful buyer of a particular type of labour. For example, the main buyer of the labour of doctors and nurses is the NHS or large employers such as Capita, G4S, Amazon and Sports Direct. In the case of the labour market, a monopsony employer will tend to pay relatively lower wages and employ fewer people (than in a highly competitive labour market. This short revision video takes you through an analysis of how a monopsony employer may pay their workers less than the value of their marginal revenue product. This is a cause of labour market failure. https://www.tutor2u.net/economics/collections/labour-market-economics - - - - - - - - - MORE ABOUT TUTOR2U ECONOMICS: Visit tutor2u Economics for thousands of free study notes, videos, quizzes and more: https://www.tutor2u.net/economics A Level Economics Revision Flashcards: https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards A Level Economics Example Top Grade Essays: https://www.tutor2u.net/economics/store/selections/exemplar-essays-for-a-level-economics
Views: 17618 tutor2u
This lesson covers labor markets and the minimum wage. In the resource market individuals supply labor and businesses demand labor. There is an inverse relationship between wages and the quantity of workers demanded. There is a direct relationship between wages and the quantity of workers supplied.
Views: 7161 Chris Thomas
The concept of labor covers many aspects. Discover the labor market in a fictional country where an industry is faced with a shock of innovation. What then makes the adjustment of supply and demand work? What are the different types of public policies most often considered? What are the consequences of this adjustment and policies for workers, for businesses and for the States? After seeing this video accessible to everyone, you will learn more about the labor that is "a market but also many other things." Source: Banque de France - Cité de l'Économie et de la Monnaie, in partnership with Universcience (This film was presented in 2013 at the exhibition "All you need to know about economics" At the Cité des sciences).
Views: 66483 Cité de l'économie
This lesson explains how changes in firms' demand for labor affects the profit maximizing level of employment for individual firms and the equilibrium wage rate in the labor market. We'll also walk through how a change in the supply of labor affects individual firm's profit-maximizing level of employment. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 3497 Jason Welker
This question demonstrates how the equilibrium quantity and wage occurs in the classical labour market. Numerical example.
Views: 1366 PracticeEconomics
This video is an extract from Tutorial 3 of "Macroeconomic Models" - a series of 15 tutorial apps in macroeconomics for iPad. Get the FREE Course Content and the full version of Tutorial 3 at https://appsto.re/dk/KK4NX.i The full version of Tutorial 3 focuses on the supply and demand for labor, on the real wage and on employment and unemployment. It defines important concepts such as structural employment/unemployment and the short and long terms. Main topics of Tutorial 3: •Nominal and real wages. •The supply of labor and the labor supply curve. •The profit maximizing employment and real wage. •The demand for labor and the labor demand curve. •Labor market equilibrium. •Structural and cyclical employment/unemployment. •The short and the long term defined. The key to understanding macroeconomics is macroeconomic models. The 15 tutorial apps of “Macroeconomic Models” guide you through the main models of most Principles of Macroeconomics courses. The tutorials’ animated graphics is voiced over in a clear and articulate English. To bring out the features of macroeconomic models the tutorials boil down the extensive presentation of the standard textbook, making macroeconomic models, their interrelationship and the underlying economic theory easier to understand. The tutorials clarity and focused structure are supported by an interactive design and cases that link macroeconomic theory to its real world application. The average tutorial length of 15 minutes allows you to review the main models of macroeconomic theory in less than 4 hours. Moreover, each tutorial includes a comprehensive glossary of macroeconomic terms and definitions. Links to the extracts from the tutorials of "Macroeconomic Models" are: Tutorial 1: The Framework http://youtu.be/VpC7QadAx-4 Tutorial 2: The Market for Capital http://youtu.be/O5zLXJiTVPc Tutorial 3: The labor Market http://youtu.be/mIHuJP1iVSM Tutorial 4: The Keynesian Model http://youtu.be/uYVe1r_9xFg Tutorial 5: The Multiplier http://youtu.be/dUUNgRTJFTA Tutorial 6: Fiscal Policy http://youtu.be/-IRXhKDTBng Tutorial 7: Money http://youtu.be/z_QPDMTRJfo Tutorial 8: Financial Claims and Interest Rates http://youtu.be/1ffscNXLfF0 Tutorial 9: The Money Market http://youtu.be/t0eYkK1nDV4. Tutorial 10: The IS/LM Model I http://youtu.be/hkaJPdfVkG4 Tutorial 11: The IS/LM Model II http://youtu.be/D_oHYfZ8laU Tutorial 12: Wages and Prices http://youtu.be/I_aCkXyMyPs Tutorial 13: The AD/AS Model http://youtu.be/Brcy2AQtP5g Tutorial 14: Shocks to the Economy http://youtu.be/9IN_9hh7w9E Tutorial 15: Stabilization Policies http://youtu.be/SY6UrbBjgxk
Views: 1770 Macroeconomic Models
This video screencast was created with Doceri on an iPad. Doceri is free in the iTunes app store. Learn more at http://www.doceri.com
Views: 3846 Melanie Hildebrandt
IN THIS VIDEO THE EQUILIBRIUM OF FIRM IN FACTOR MARKET HAS BEEN DISCUSSED UNDER IMPERFECT COMPETITION IN HINDI DONATION LINKS PAYTM: 9179370707 BHIM: [email protected]
Views: 4695 Ideal Coaching
Class 12 microeconomics Market... Forms of market Perfect competition perfect market Monopoly competition monopoly market Contact for my book ..7690041256... Economics on your tips video...34 Our books are now available on Amazon Economics on your tips Macroeconomics ( new edition ) https://www.amazon.in/dp/B07R561YKH/ref=cm_sw_r_cp_apa_i_3wVXCbE2Z9DZE Economics on your tips Microeconomics http://amzn.in/d/cZykZVK Official series of playlists UG courses ( bcom, bba, bca, ba, honours) – https://www.youtube.com/playlist?list=PLgC10_Xv-BGirAqOr-hU8e-N_Nz0UpgJ- Micro economics complete course – https://www.youtube.com/playlist?list=PLgC10_Xv-BGg5n3YU6oEV7_HIzBuEbbOz Macro economics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGg2ORORpILqiDR1gyH3MkXw Statistics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGjrAkDyeMioJ7DEexAEeVdt National income – https://www.youtube.com/playlist?list=PLgC10_Xv-BGjpE-1V4uz_0wvvbZQnSsj_ In order to promote us and help us grow Paytm on - 7690041256
Views: 585818 Economics on your tips
The formula for the labor force participation rate is simple: labor force (unemployed + employed) / adult population, excluding people in the military or prison for both. The total labor force participation rate has grown significantly in the United States since the 1950s. But the total growth doesn’t paint a clear picture of how the U.S. workforce has changed, particularly the makeup. There are several big factors at play influencing the demographics of labor force participation. For starters, women have entered the labor force in greater numbers since the 1950s. At the same time, technology has altered the types of work available. Manufacturing jobs, which tended to employ lower-skilled, less-educated male workers, gave way to more service jobs requiring more skills and education. In more recent years, the labor force participation rate, though still much higher than it was half a century ago, has been declining. There are a number of factors influencing the decline. Many more women are working, but fewer men are employed or actively looking for a job. The United States also has an aging population with many Baby Boomers retiring from the labor force. In an upcoming video, we’ll take a look at one of the big reasons behind why women have been able to enter and stay in the labor force during peak childbearing years: The Pill. Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/2eK0dYt Next video: http://bit.ly/2fZu7W8
Views: 38541 Marginal Revolution University
In this video I explain what happens to the equalibrium price and quantity when demand or supply shifts. Make sure to practice drawing the graph on your own. This is the thrid video in the playlist so make sure that you know how to draw and shift demand and supply before you watching this video. Please leave a comment and subscribe. Demand Video https://www.youtube.com/watch?v=LwLh6ax0zTE Supply Video https://www.youtube.com/watch?v=ewPNugIqCUM Learn it by watching Indiana Jones https://www.youtube.com/watch?v=RP0j3Lnlazs
Views: 819527 Jacob Clifford
Characteristics of a Perfectly Competitive Labour Market - A video covering the key Characteristics of a Perfectly Competitive Labour Market Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 24359 EconplusDal