COMPARE AND CONTRAST THE MARKET DYNAMICS FOR PRODUCED GOODS (AND SERVICES) WITH THE SUPPLY AND DEMAND...

COMPARE AND CONTRAST THE MARKET DYNAMICS FOR PRODUCED GOODS (AND SERVICES) WITH THE SUPPLY AND DEMAND MARKET CONDITIONS FOR LABOR.

To get you started concentrate on two distinct chapters in the Schiller textbook. See chapter 3 for an analysis of price determination of a good or service. See chapter 8 for an analysis of labor markets and determination of the wage rate.

In order to help launch your mini essay, here are some things you might consider:

--Identify and summarize the similar dynamics of market forces presented. That means to say, teach me step-by-step how the laws of supply and demand combine with basic assumptions about shortages and surpluses to lead to a concept of market equilibrium.

--How are supply for produced goods determined in a different way from the supply of labor. Additionally, how is the demand for produced goods determined in a different way from the demand for labor.

--Finally, comment whether one model is different from the other. In other words, do you feel as comfortable with the reliability of price determination of produced goods as much as you feel about market wage rates.

Expert Solution

Rahul Sunny answered 1 year ago

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