Students will be able to:
- Apply supply and demand analysis to how the marginal product of labor determines wages, human capital, labor unions, and compensating wage differentials.
In this economics video series, students will learn about employment, unemployment, and human capitol.
This unit of five videos begins with an explanation of the marginal product of labor and how it determines wages. This serves as the foundation for an overview of related topics, such as human capital, labor unions, compensating wage differentials, and, of course, TANSTAAFL: There Ain’t No Such Thing as a Free Lunch. Every video comes with practice questions!