FOUNDATION FOR ECONOMIC EDUCATION

Prepare for the Economics Olympiad Competition

Factor markets are where firms purchase resources such as labor, land, and capital, with wages, rent, and interest determined by the marginal revenue product of each factor.

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Course curriculum

    1. What is a Factor Market?

    2. Labor Market Supply and Demand

    3. The Marginal Product of Labor

    4. Diminishing Marginal Returns and The Production Function

    5. Marginal Revenue Product - The Firm's Demand for Labor

    6. The Hiring Rule: MRP = MRC

    7. Perfectly Competitive Factor Markets: Graphing Labor Demand

    8. Perfectly Competitive Factor Market

    9. Changes in Factor Demand

    10. Changes in Factor Supply

    11. The Tradeoff Between Fun and Wages: No Such Thing as a Free Lunch

    12. Change in Demand for Labor

    13. Change in Supply of Labor

    14. Monopsony

    15. Monopsony Graphed

    16. Compensating Differentials

    17. Do Unions Raise Wages?

    18. Factor Markets Quiz

    19. The Divergence Between Wages and Productivity. Mirage or Reality?

Additional Factor Markets and Distribution Modules

Economics Olympiad Prep Modules

Use these modules to prepare for success in the Economics Olympiad competition.