Episode 46 of 60 · Financial Literacy: Cash Course
The Tug-o-War of Labor Markets
Grades 6th+
Economics · Economics — Economics & Financial Literacy · Financial Literacy · Captions
About This Video
What determines wages—the amount you get paid to do a job? Perfect for high schoolers, teens building their financial literacy, or anyone about to start a new job, this episode explores how supply and demand shape the labor market. From hiring decisions based on the marginal product of labor to wage negotiations and personal trade-offs between earning more and working less, it’s a real-world tug-o-war with big implications.
Standards Met in Ohio
- 6.E.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (entrepreneurship, human resources, natural resources and capital) used.
- 9-12.EFL.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- EFL.9-12.11.lp.dGrades 9th, 10th, 11th, 12thIdentify income as earning from working.
- EFL.9-12.4.lp.dGrades 9th, 10th, 11th, 12thUnderstand that a market economic system uses individual choices of buyers and sellers to distribute resources through supply and demand.
- EFL.9-12.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- SS.6.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (e.g., entrepreneurship, human resources, natural resources, capital) used.