Introduction to labor markets | Microeconomics | Khan Academy

Keep going! Check out the next lesson and practice what you’re learning:

Just like goods and services, the factors of production are exchanged in markets. This video focuses on such market -- the market for labor. The supply of labor is based on people's willingness to tradeoff labor for leisure. The demand for labor is based on labor's marginal revenue product.

Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.

About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.

For free. For everyone. Forever. #YouCanLearnAnything

[samrat]

At 2:25, shouldn't the second MPL(when going from 1 to 2 units of labor) be 6-2 = 4 ?

[thecuriousscholar]

Am i the only one who got confused due to MPL being 3 insted of 4 ????
But great work by khan Academy 👌🏻❤️

[juanchorod]

On the first table of the Marginal Product of Labor, shouldn't the MPL of the second Labor unit be 4 since production jumps from 2 to 6?

[btsarmygachastudio]

I was searching for this every where and when you uploaded it I’m so thankful

[whatisdatt]

Please could you create a playlist for Labour Market? I like playlists of topics better. They're more organised and I can go with the flow.

I'd appreciate it. Thanks for the video.

[shirin]

Great job by great person on this earth

[pmcllc]

so why people complain about their jobs not paying enough and unionized to bargain better wages when the markets dictate their price?

[bishbad]

anyone else wondering how he drew the lines so straight in the top right table??

[shirin]

Who's this 'empty brain' thumbed down???;) coz after listening Salman khan, how one can do this?? Well, as Always... Sal is best!!!

[maryannezeh]

Hey
Pls can u explain what labour market model mean?