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Labor Market Overview: Trends, Figures, and Equilibrium

This chapter provides an overview of the labor market, including statistics on labor force status, unemployment rates, employment distribution, wages, and income. It also explores the concepts of labor demand and supply and their impact on market equilibrium.

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Labor Market Overview: Trends, Figures, and Equilibrium

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  1. Topic 1. Chapter 2 Overview of Labor Market

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

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

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

  5. Figure 2.3: Employment Distribution by Major Nonfarm Sector, 1954-2007(detailed data in table on next slide)

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

  7. Table 2.2: Nominal and Real Hourly Earnings, U.S. Nonsupervisory Workers in the Private Sector, 1980-2006

  8. Figure 2.5: The Markets in which Firms Must Operate

  9. Table 2.3: Labor Demand Schedule for a Hypothetical Industry

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

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

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

  13. Figure 2.9: Market Supply Curve for Paralegals

  14. Figure 2.10: Shift in Market SupplyCurve for Paralegals as Salaries of Insurance Agents Rise

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

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

  17. Figure 2.12: Market Demand and Supply

  18. Figure 2.14: New Labor Market Equilibrium after Demand Shifts Right

  19. Figure 2.15: New Labor Market Equilibrium after Supply Shifts Left

  20. Figure 2.16: New Labor Market Equilibrium after Supply Shifts Right

  21. Figure 2.17: Effects of an Above-Market Wage

  22. Figure 2.18: Effects of a Below-Equilibrium Wage

  23. Figure 2.19: Labor Supply to the Military: Different Preferences ImplyDifferent “Rents”

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