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1、Chapter18/TheMarketsfortheFactorsofProduction❖339188THEMARKETSFORTHEFACTORSOFPRODUCTIONroductionWHAT’SNEWINTHESEVENTHEDITION:Thetablesandvalueshavebeenupdatedtothemostrecentlyavailablenumbers.TheInTheNewsfeatureon"TheEconomicsofImmigration"hasbeenupdated.LEARNINGOBJECTIV
2、ES:Bytheendofthischapter,studentsshouldunderstand:Øthelabordemandofcompetitive,profit-maximizingfirms.Øthehouseholddecisionsthatliebehindlaborsupply.Øwhyequilibriumwagesequalthevalueofthemarginalproductoflabor.Øhowtheotherfactorsofproduction—landandcapital—arecompensated
3、.Øhowachangeinthesupplyofonefactoralterstheearningsofallofthefactors.CONTEXTANDPURPOSE:Chapter18isthefirstchapterinathree-chaptersequencethataddressestheeconomicsoflabormarkets.Chapter18developsandanalyzesthemarketsforthefactorsofproduction—labor,land,andcapital.Chapter1
4、9buildsonChapter18andexplainsinmoredetailwhysomeworkersearnmorethanothersdo.Chapter20addressesthedistributionofincomeandtherolethegovernmentcanplayinalteringthedistributionofincome.ThepurposeofChapter18istoprovidethebasictheoryfortheanalysisoffactormarkets—themarketsforl
5、abor,land,andcapital.Asyoumightexpect,wefindthatthewagesearnedbythefactorsofproductiondependonthesupplyanddemandforthefactor.Whatisnewintheanalysisisthatthedemandforafactorisaderiveddemand.Thatis,afirm’sdemandforafactorisdeterminedbyitsdecisiontosupplyagoodinanothermarke
6、t.KEYPOINTS:·Theeconomy’sincomeisdistributedinthemarketsforthefactorsofproduction.Thethreemostimportantfactorsofproductionarelabor,land,andcapital.©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpa
7、rt.Chapter18/TheMarketsfortheFactorsofProduction❖339·Thedemandforfactors,suchaslabor,isaderiveddemandthatcomesfromfirmsthatusethefactorstoproducegoodsandservices.Competitive,profit-maximizingfirmshireeachfactoruptothepointatwhichthevalueofthefactor'smarginalproductequals
8、itsprice.·Thesupplyoflaborarisesfromindividuals’trade-offsbetweenworkandleisure.Anupward-slopinglaborsu
