Chapter 20 The Factor Market

Chapter 20 The Factor Market

Author: Matthew Lonn

Students will examine the difference between the factor market and the product market. They will understand what factors make up the demand and supply of labor in the factor market. 

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Questions you should be able to answer after the lesson.

What is the difference between the Resource Market and the Product Market?

What does a marginal resource cost curve demonstrate?

How do I calculate the Value of the Marginal Cost of Labor?

What factors can influence the supply of labor?

Chapter 20 Notes

Explanation of Resource Market