Increased productivity makes workers more valuable, increasing labor demand.

Increased product demand requires more resources, including labor, increasing labor demand.

More immigration increases the number of workers, shifting the labor supply curve to the right.

Stricter licensing reduces the number of people entering a field, shifting the labor supply curve to the left.

It creates a surplus of labor (unemployment) because more people want to work at that wage than firms are willing to hire.

It decreases the demand for the original resource as firms switch to the cheaper substitute.

It decreases labor supply, shifting the curve to the left, as people choose to work less.

It increases labor supply, shifting the curve to the right, as more people are available and willing to work.

It decreases the value of the labor that produces it, lowering labor demand (MRP = MP x Price).

The demand for sugar will decrease, as aluminum and sugar are used together, and using less aluminum will require less sugar.

The amount of labor workers are willing and able to offer at different wage rates.

The amount of labor firms are willing and able to hire at different wage rates.

The amount of labor workers are willing and able to offer at different wage rates.

The amount of labor firms are willing and able to hire at different wage rates.

When the wage is too high, more people want to work than firms want to hire, potentially due to a wage floor.

When the wage is too low, firms want to hire more people than are willing to work, potentially due to a wage ceiling.

Resources that firms can use in place of each other.

Resources that are used together in the production process.

The phenomenon where increased wealth may cause people to work less.

The point where labor supply meets labor demand, determining the market wage rate and quantity of labor employed.

Factor markets are for inputs (like labor), while product markets are for outputs (goods and services). In factor markets, firms demand labor, while in product markets, consumers demand goods.

A shortage occurs when demand exceeds supply (wage too low), while a surplus occurs when supply exceeds demand (wage too high).

Substitute resources can be used in place of each other, while complementary resources are used together.

A shift is caused by factors other than wage changes (e.g., productivity), while a movement along the curve is caused by a change in the wage rate.

A shift is caused by factors other than wage changes (e.g., immigration), while a movement along the curve is caused by a change in the wage rate.

Changes in product demand affect labor demand because firms need more labor to produce more goods. Changes in productivity affect labor demand because more productive workers are more valuable to firms.

Changes in personal values (e.g., desire for leisure) directly influence workers' willingness to work. Government regulations (e.g., licensing) affect the ease with which people can enter the workforce.

A wage floor (minimum wage) set above equilibrium creates a surplus of labor (unemployment). A wage ceiling set below equilibrium creates a shortage of labor.

In the short run, increased immigration increases labor supply, potentially lowering wages. In the long run, increased demand for goods and services due to immigration may increase labor demand, offsetting wage decreases.

An increase in the supply of skilled labor may decrease wages for skilled workers, while an increase in the supply of unskilled labor may decrease wages for unskilled workers. The overall impact depends on the relative demand for each type of labor.