WACHusett Regional H.S. ECONomics
"Inflating students' economic utility for the long-run!"
Microeconomics - Unit 7 Factor Markets
MICRO UNIT 7 KEY STUDY GUIDE TERMS & CONCEPTS
Resource markets
Labor Market Industry Graph
Demand For Labor and its determinants
Labor Supply and its determinants
Marginal Revenue Product of Labor
Wage theory of labor
derived demand
Perfectly Competitive Labor Market Graph
Marginal Resource (Factor) Costs
wage taker
Monopsony
Monopsony Graph
POWERPOINTS & NOTES
ASSIGNED VIDEOS
CRASH COURSE ECONOMICS:
MJMFOODIE VIDEOS:
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(The Lost Episodes) Perfectly Competitive Factor and Output Markets
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(THE LOST EPISODES) Perfectly Competitive Factor, Monopoly Output Market
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(THE LOST EPISODES) Monopsony Factor, Perfectly Competitive Output
ASSIGNED WORK
EXTRA HELP RESOURCES
ACDC ECON Videos:
WELKER'S CLASSROOM VIDEOS:
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Introduction to Resource Markets and Marginal Revenue Product
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Changes in Resource Demand and Individual versus Market Demand for Labor
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Marginal Resource Cost for a Perfectly Competitive Employer - part 1
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Marginal Resource Cost for a Perfectly Competitive Employer - part 2
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Labor Markets - Change in in Equilibrium Wage Rate and Level of Employment
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Labor Markets - Changes in the Profit Maximizing Level of Employment