Markets for Factors of Production

You Need to Know

• Chapter 1. Introduction
• Chapter 2. The Neoclassical Perspective
• Chapter 3. Supply and Demand
• Chapter 7. Marginal Productivity

Begin the chapter

Check your understanding -- multiple-choice questions

Overheads

1. Chapter Introduction
2. Profit Maximization: Review
3. Markets for Labor
   • Value of Marginal Product as Labor Demand
   • Labor Supply
   • Equilibrium
   • Application: A Minimum Wage Law
   • Criticisms of the Supply-and-Demand Approach to Labor Markets
     • Labor unions
     • Limited Competition for Employees
     • Wage Discrimination.
     • Perceptions of Fairness
     • Influence of Wages and Working Conditions on Productivity
     • The Marxist View
4. Marginal Productivity in General
5. Land
6. Natural Resources
7. Capital
8. Application: The Functional Distribution of Income
   • Distribution of Income in the John Bates Clark Model
   • Functional and Personal Distribution
   • The Lorenz Curve
   • The Gini Coefficient
   • Recent Changes in the American Distribution of Income
9. Chapter Summary

To the next chapter: Measuring National Product.

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