Labor Economics - Supply
Let’s try to figure out
Labor Econ together!
,
,Chapter 2 - Labor Supply
, Introductory Economics Recap
● Going back to introductory economics, in order to produce the
goods and services we use certain inputs, which we call “means of
production.”
● Recall that the “traditional”means of production are:
○ Land (physical real estate and infrastructure)
○ Labor (number of employee-hours hired by a firm) and
○ Capital (factories, equipment and inventory)
● The 20th and 21st centuries brought into the forefront Technology
as the “sauce” that combines the above to create the Production
Function
○ Technology is the “multiplier” that determines how effectively
land, labor, and capital can be turned into goods and services
Let’s try to figure out
Labor Econ together!
,
,Chapter 2 - Labor Supply
, Introductory Economics Recap
● Going back to introductory economics, in order to produce the
goods and services we use certain inputs, which we call “means of
production.”
● Recall that the “traditional”means of production are:
○ Land (physical real estate and infrastructure)
○ Labor (number of employee-hours hired by a firm) and
○ Capital (factories, equipment and inventory)
● The 20th and 21st centuries brought into the forefront Technology
as the “sauce” that combines the above to create the Production
Function
○ Technology is the “multiplier” that determines how effectively
land, labor, and capital can be turned into goods and services
