EC250 Chapter Notes - Chapter 7: Making Money, Cash Out, All Of Us

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7 Mar 2016
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Labour market place place where firms find employees and people find work: workers and vacancies are matched. Supply of labour market = demand of labour market (equilibrium: jobs are heterogeneous jobs differ in qualifications and same do workers, mismatch of skills between workers and vacancies. Structural unemployment: even in equilbrium not everyone got a job and not all vacanies are. Filled: soo holy shit we got a surplus in pornstars for employment right but. We got a shortage in accountants so that will result in unemployed. Pornstars because more demand than supply and vacanies for. Accountants since there is a shortage shortage vacanies surplus . Person rejects job offer because its boring doesn"t pay em big bucks to. Demand for labour total number of workers firms would like to employ: depends on cost and benefits of workers, is it worth hiring these fuckers. Cost of employing another worker is real wage.

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