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ECON101: Principles of Microeconomics

Unit 7: Resource Markets   This unit outlines how firms decide how much they will use their resources (which include land, labor, capital, and entrepreneurial ability – all of which are required to produce the final good) and at what price.  The demand for resources is derived from the demand for the final goods that are produced with them.  For example, if the demand for automobiles (the final good) were to increase, the demand for steel (and any other resource used in the production of the auto) would also increase.

Unit 7 Time Advisory
This unit should take approximately 6.5 hours to complete.

☐    Subunit 7.1: 0.5 hours

☐    Subunit 7.2: 0.5 hours

☐    Subunit 7.3: 0.5 hours

☐    Subunit 7.4: 1.5 hours

☐    Assessments: 3.5 hours

Unit7 Learning Outcomes
Upon completion of this unit, the student will be able to: - Analyze how the Demand and Supply technique works for the Resource Markets.

7.1 Overview   - Reading: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101: “Chapter 15: Resource Markets” Link: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101: “Chapter 15: Resource Markets” (HTML)

 Also available in:  
 [Flash](http://economic.oswego.edu/eco101/chapter15.htm)  
 [PPT](http://economic.oswego.edu/eco101/chap15.ppt)  

 Instructions: When you click on the link above, you will be
directed to a webpage with a list of contents.  Please click on
Chapter 15 and read the HTML version of the lecture notes in its
entirety.  This reading will cover subunits 7.1.1-7.1.3.  

 Reading this chapter should take approximately 30 minutes.  

 Terms of Use: Please respect the copyright and terms of use
displayed on the webpage above.

7.1.1 Market Demand and Supply   7.1.2 Individual Firm's Demand under Perfect Competition   7.1.3 Imperfectly Competitive Markets for Factors of Production   - Lecture: Khan Academy’s “Adding Demand Curves” Link: Khan Academy’s “Adding Demand Curves” (YouTube)

 Instructions: Please watch the entire lecture, which is about
adding demand curves.  

 Watching this lecture should take approximately 5 minutes.  

 Terms of Use: This video is licensed under a [Creative Commons
Attribution-NonCommercial-ShareAlike License 3.0](http://creativecommons.org/licenses/by-nc-sa/3.0/us/deed.en_CA).
 It is attributed to the Khan Academy.

7.2 The Labor Market   - Reading: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101: “Chapter 16: Labor Markets” Link: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101: “Chapter 16: Labor Markets” (HTML)

 Also available in:  
 [Flash](http://economic.oswego.edu/eco101/chapter16.htm)  
 [PPT](http://economic.oswego.edu/eco101/chap16.ppt)  

 Instructions: When you click on the link above, you will be
directed to a webpage with a list of contents.  Please click on
Chapter 16 and read the HTML version of the lecture notes in their
entirety.  

 Reading this chapter should take approximately 30 minutes.  

 Terms of Use: Please respect the copyright and terms of use
displayed on the webpage above.
  • Assessment: Econ100’s “Labor Markets Quiz: Chapter 16” Link: Econ100’s “Labor Markets Quiz: Chapter 16” (HTML)

    Instructions: Please follow the link to get to the main page of Econ100.  Click on the “Quiz” tab on the left hand side menu and then go to Chapter 16 to take the test.  Please attempt all levels of the quiz for a thorough assessment of your understanding of the material covered in this section.

    Completing this assessment should take approximately 1 hour and 30 minutes.

    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Lecture: Khan Academy’s “How Many People to Hire Given the MPR Curve” Link: Khan Academy’s “How Many People to Hire Given the MPR Curve” (YouTube)

    Instructions: Please watch the entire lecture, which is about how many people to hire given the marginal product revenue curve.

    Watching this lecture should take approximately 10 minutes.

    Terms of Use: This video is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License 3.0.  It is attributed to the Khan Academy.

7.3 Capital and Financial Markets   - Reading: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101: “Chapter 17: Capital and Financial Markets” Link: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101“Chapter 17: Capital and Financial Markets” (HTML)

 Also available in:  
 [Flash](http://economic.oswego.edu/eco101/chapter17.htm)  
 [PPT](http://economic.oswego.edu/eco101/chap17.ppt)  

 Instructions: When you click on the link above, you will be
directed to a webpage with a list of contents.  Please click on
Chapter 17 and read the HTML version of the lecture notes in their
entirety.  

 Reading this chapter should take approximately 30 minutes.  

 Terms of Use: Please respect the copyright and terms of use
displayed on the webpage above.

7.4 Land and the Market for Natural Resources   - Reading: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101: “Chapter 18: The Land Market and Natural Resources” Link: State University of New York at Oswego: Professor John Kane’s Lecture Notes on ECON 101: “Chapter 18: The Land Market and Natural Resources” (HTML)

 Available in:  
 [Flash](http://economic.oswego.edu/eco101/chapter18.htm)  
 [PPT](http://economic.oswego.edu/eco101/chap18.ppt)  

 Instructions: When you click on the link above, you will be
directed to a webpage with a list of contents.  Please click on
Chapter 18 and read the HTML version of the lecture notes in their
entirety.  

 Reading this chapter should take approximately 30 minutes.  

 Terms of Use: Please respect the copyright and terms of use
displayed on the webpage above.
  • Reading: Professional Educational Organization International: John Petroff’s Microeconomics: “Chapter 8” Link: Professional Educational Organization International: John Petroff’s Microeconomics“Chapter 8” (PDF)

    Instructions: You will likely find the examples in the above material useful to understanding the concepts in this subunit.

    Reading this chapter should take approximately 1 hour.

    Terms of Use: The articles above are released under a Creative Commons Attribution-Share-Alike License 3.0.  You can find the original Professional Educational Organization International version of these articles here.

  • Assessment: AmosWeb’s “Resource Market Quiz” Link: AmosWeb’s “Resource Market Quiz” (HTML)

    Instructions: Please click on the “Quiztastic” icon from the top menu bar.  From the “Select a topic” option, choose “Resource Market” and then click on “Retrieve Test” to get to the test page.

    Completing this assessment should take approximately 30 minutes.

    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Assessment: Econ100’s “Demand and Supply in Resource Markets Quiz: Chapter 15” Link: Econ100’s “Demand and Supply in Resource Markets Quiz: Chapter 15” (HTML)

    Instructions: Please follow the link to get to the main page of Econ100.  Click on the “Quiz” tab on the left hand side menu and then go to Chapter 15 to take the test.  Please attempt all levels of the quiz for a thorough assessment of your understanding of the material covered in this section.

    Completing this assessment should take approximately 1 hour and 30 minutes.

    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.