Principles of Microeconomics: The Labor Market

Principles of Microeconomics: The Labor Market

Lesson 6 – Assignment Criteria

– Review the lecture notes
– The Book being used for this course is (Title: Survey of Economics: Principles, Applications, and Tools), Edition: 4, Author: Arthur O�Sullivan, Steven Sheffrin, and Stephen Perez, ISBN: 0-13-609380-9
– Paper should be in APA format
– The combined total of words for this order should have a minimum of 1350 words.
– Separate the Discussions / Assignments in the same document so that they can easily be identifiable.
– The eBook (if able to access can be found at: http://lti.next.ecollege.com/Main/LTI/ScriptedLinkLaunchView.ed?json=%7b’handler_urn’%3a’pearson%2f%24ClientString%24_econ_xl%2fslink%2fx-pearson-%24ClientString%24_econ_xl’%2c’targetId’%3a’ebook’%2c’page’%3a’i’%7d&path=%2f(NEXT(5a1bcc5b78))%2fMain%2fCourseMode%2fVizedHtmlView%2fRenderVizedHtmlView.ed&
– Or at: https://view.ebookplus.pearsoncmg.com/ebook/launcheText.do?values=bookID::19009::platform::1030::bookPageNumber::i::fromloginpage::N::invokeType::lms::launchState::goToEBook::platform::1030::userID::12910062::scenario::11::scenarioid::scenario11::courseid::12260559_eCollege_chrlstn::plus::y::pageid::i::sessionID::1997590202152395370102016::smsUserID::66564792::isSecuredPlatform::true::hsid::6f07bae5fcccd8fc487ef27261bb77c4
– Provide support for your answers using references from a text, lecture notes, and/or other credible sources, each cited appropriately.
– Citing (in text and reference list) and paraphrases as well in the research.
– In text Citations should look like: (O’Sullivan, Sheffrin, & Perez, 2010, p. xx)
– Reference page citation for book should be: O’Sullivan, A., Sheffrin, S. M., & Perez, S. J. (2010). Survey of economics: Principles, applications, and tools [ePearson] (4th ed.).

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All portions of this essay / assignment should:
1. Effectively and directly addresses the problem/issue. Relevant use of proper concepts and vocabulary throughout the assignment. Demonstrates superior knowledge of appropriate concepts and theories. Effective and correct use of peer-reviewed resources.
2. It should be very well written. Proper and relevant use of vocabulary, structure, grammar and spelling. Well-organized response that fully and completely addresses all the criteria/questions using proper APA (current edition) formatting.

Discussion 6.1 –
Deliverables: minimum 200 words
Perform the following tasks:
� Step 1: Answer the following question and, if appropriate, include personal experience as part of your answer:
� If a labor union succeeds in increasing wages for its members, what will happen to total employment?
� Does the existence of a labor union make an otherwise competitive labor market more or less efficient?
� Under what market conditions would the existence of a labor union improve market efficiency?
� Support your opinions with facts and figures from external sources.

Assignment 6.1 – Minimum Wages and Living Wages
Deliverables: minimum 600 words
This assignment supports the following lesson objective:
� Discuss the market effects of an increase in demand for labor
� Use economic formulas to determine demand and supply of labor
� Understand economic impacts of labor mandates
Assignment Overview
This practice exercise explores the principles of supply and demand.
Perform the following tasks:
� Step 1: Conduct External Research.
Investigate the economic and market effects of the Minimum Wage and Living Wage.
o Utilize Internet resources to conduct research to gather facts and relevant economic numbers
o Present your opinion based upon the facts that you have gathered.
o Approach this exercise as a business economist and not a worker or consumer.
o Focus your answers based upon economic principles and not what you believe is “fair”
o What do you believe, based upon your research, will happen to the economy if the federal government mandates a living wage? Why?
o What is the impact of a global economy on labor decisions in this area?
o Will a living wage in the United State result in increased job creation or job destruction?
o What other impacts, positively and negatively, would these actions have on the U.S. economy?

Assignment 6.2: Economic Analysis: Supply and Demand
Deliverables: minimum 300 words
This assignment supports the following lesson objectives:
� Examine public policies as related to wages and employment
� Conduct an economic analysis to explain the impact of labor unions have on market efficiency
Assignment Overview
This practice exercise examines the economics of supply and demand.
Activity Details
Perform the following tasks:
� Step 1: Read the article.
Go to http://wps.prenhall.com/bp_econinthenews_2/69/17911/4585348.cw/index.html to access the article, �The World�s Top Earning Models.�
� Step 2: Answer the questions.
After you have read the article, use a word processor (such as MS Word) to answer these questions:
1. Why do companies pay high-profile individuals such as models, actors, and athletes to endorse products?
2. What factors tend to impact marketability?
3. What industries would be more likely to hire a model as an endorser?
Assignment 6.3: Useful Terms in Economics
Deliverables: minimum 250 words
This assignment supports the following lesson objective:
� Define key terms related to the labor market
Assignment Overview
This writing assignment examines the terms important to the understanding of the labor market.
Activity Details
Perform the following tasks:
� Step 1: Compile a list of glossary terms.
Using a word processor (such as MS Word), define 10 of the following glossary terms in your own words. Use real-life examples to support your
definitions.
o Income effect for leisure demand
o Input-substitution effect
o Learning effect
o Long-run demand curve for labor
o Marginal product of labor
o Marginal-revenue product of labor (MRP)
o Market-supply curve for labor
o Means-tested programs
o Output effect
o Short-run demand curve for labor
o Signaling effect
o Substitution effect for leisure demand

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