Copyright © 2009 Pearson Education, Inc. 2- 1 Topic 1. Chapter 2 Overview of Labor Market.

Copyright © 2009 Pearson Education, Inc. 2- 1

Topic 1. Chapter 2

Overview of Labor Market


Figure 2.1: Labor Force Status of the U.S. Adult Civilian Population, April 2007


Table 2.1: Labor Force Participation Rates by Gender, 1950-2007


Figure 2.2: Unemployment Rates for the Civilian Labor Force, 1946-2006


Figure 2.3: Employment Distribution by Major Nonfarm Sector, 1954-2007

(detailed data in table on next slide)


Figure 2.4: Relationship between Wages, Earnings, Compensation and Income


Table 2.2: Nominal and Real Hourly Earnings, U.S. Nonsupervisory Workers

in the Private Sector, 1980-2006


Figure 2.5: The Markets in which Firms Must Operate


Table 2.3: Labor Demand Schedule for a Hypothetical Industry


Figure 2.6: Labor Demand Curve (based on Table 2.3)


Figure 2.7: Shift in Demand for Labor Due to Increase in Product Demand


Figure 2.8: Possible Shifts in Demand for Labor Due to Fall in Capital Prices


Figure 2.9: Market Supply Curve for Paralegals


Figure 2.10: Shift in Market SupplyCurve for Paralegals as Salaries of

Insurance Agents Rise


Figure 2.11: Supply of Paralegals to a Firm at Alternative Market Wages


Figure 2.13: Demand and Supply at the “Market” and “Firm” Levels


Figure 2.12: Market Demand and Supply


Figure 2.14: New Labor Market Equilibrium after Demand Shifts Right


Figure 2.15: New Labor Market Equilibrium after Supply Shifts Left


Figure 2.16: New Labor Market Equilibrium after Supply Shifts Right


Figure 2.17: Effects of an Above-Market Wage


Figure 2.18: Effects of a Below-Equilibrium Wage


Figure 2.19: Labor Supply to the Military: Different Preferences Imply

Different “Rents”

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