What determines a person's salary? Why do professional athletes make so much money? People who work as firefighters, police officers or teachers are clearly more important to our society, yet they make much less money than jocks. What explains this?
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.
This lesson uses the latest employment and unemployment data release by the U.S. Department of Labor, Bureau of Labor Statistics, for the month of February, 2015, reported March 6, 2015. The lesson focuses on different ways of measuring the demand for labor and how the demand for labor affects the average hourly wage rate, one of the measures used by the Federal Reserve to gauge the health of the labor market.
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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.