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Factor Markets

This document provides an overview of a lecture on factor markets. The lecture focuses on firms' decisions to hire labor and acquire capital for production. It discusses the determinants of firms' demand for labor and explores concepts like monopsony, wage discrimination, and the minimum wage. The key activities are to read chapters in the textbooks on imperfectly competitive factor markets and then watch the lecture video and associated video segments that cover determining labor demand, the monopsony model, barriers to wage discrimination, and the relationship between minimum wage and employment rates.

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48 views2 pages

Factor Markets

This document provides an overview of a lecture on factor markets. The lecture focuses on firms' decisions to hire labor and acquire capital for production. It discusses the determinants of firms' demand for labor and explores concepts like monopsony, wage discrimination, and the minimum wage. The key activities are to read chapters in the textbooks on imperfectly competitive factor markets and then watch the lecture video and associated video segments that cover determining labor demand, the monopsony model, barriers to wage discrimination, and the relationship between minimum wage and employment rates.

Uploaded by

CoursePin
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Factor Markets

Session Overview
Earlier in the semester, we discussed the labor supply decisions made by consumers when deciding how much they should or should not work. However, firms have the power to decide how many workers to hire. This lecture focuses on the operation of firms in the factor markets that supply the factors (labor and capital) they use in production. A firm made the decision to hire these workers. In this lecture, discover the determinants of this decision! Image courtesy of Remko Tanis on Flickr. Keywords: Input markets; labor supply; monopsony; expenditure curves; wage discrimination; empirical economics.

Session Activities
Readings Before watching the lecture video, read the course textbook for an introduction to the material covered in this session:

[R&T] Chapter 14, "Imperfectly Competitive Markets for Factors of Production." [Perloff] Chapter 15, "Factor Markets and Vertical Integration." (optional)

Lecture Videos View Full Video


Lecture 18: Factor Markets (00:39:19) Transcript (PDF)

View by Chapter

Determining Demand for Labor (00:11:36) The Monopsony Model (00:13:22) Barriers to Wage Discrimination (00:05:48) Minimum Wage and Employment Rates (00:15:48)

Resources

Graphs and Figures (PDF)

Further Study
These optional resources are provided for students that wish to explore this topic more fully. Textbook Study Materials See the [Perloff] companion website for an overview of the main topics covered in the chapter, as well as quizzes, applications, and other related resources.

Chapter 15

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