The Market for Labor
The market for labor is what economists call a Factor Market. It differs from a market for goods and services in that households provide the supply (their labor is a factor of production) and firms create the demand. The Washington Post article 4.3 Million People Quit Their Jobs in January by Abha Bhattarai describes the state of the labor market in March of 2022. As you read it, think about what has happened to the supply of labor (or workers), and what is happening to the demand for labor. Also, think about the concept of opportunity cost. It plays a critical role in how much labor households are willing to supply.
Do you know of individuals who have made the decision to change jobs recently? Do you know of companies that are searching for workers? Describe your experience and any research that you find that further explains the current state of the labor market.
Discussion Expectations
Your discussion post should fully answer the prompt above (due 11:59 p.m. CST Wednesday). Then respond to at least two of your classmates' posts by 11:59 p.m. CST Sunday. Visit the Start Here module page Discussion Criteria to view specific discussion requirements, examples, and the discussion rubric.