Students will learn about important labor market statistics that are frequently discussed in the media. An understanding of the unemployment rate and labor force participation rate will be developed through participation in an interactive simulation game.
In this lesson, students play the role of either buyers or sellers of labor to examine the interconnectedness of individuals and companies in labor markets. Students learn that the demand and supply for labor determine market wage rates and that wages depend, in part, on individual productivity.
Income for most people is determined by the market value of the productive resources they sell. What workers earn depends, primarily, on the market value of what they produce and how productive they are.
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Students use a comparative approach to explore concepts and materials that are frequently neglected in other economics courses. An introductory essay provides background information to the 12 classroom-ready lessons.
1 out of 12 lessons from this publication relate to this EconEdLink lesson.