Most people are familiar with labor markets. If you have ever had a paying job, you have been in the labor market!

Labor markets, like other markets, can be analyzed using the supply & demand framework.

Labor markets, however, have several distinguishing characteristics.

In labor markets...

• labor is supplied typically by the household sector of the economy.
• labor is demanded typically by the business sector of the economy.
• the price of labor has a special name - the wage rate.

Minimum Wage Laws

Discrimination

Labor Unions

U.S. Department of Labor

Bureau of Labor Statistics (BLS)

E-mail Dr. Buck with your questions or comments.

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