(See related pages)
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| Derived Demand | Demand derived from the desires of consumers. |
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| Equilibrium | A situation in which participants in a market have no incentive to change their economic behavior, individually or collectively. |
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| Labor Demand Curve | The sum of the hiring and firing decisions of employers. |
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| Labor Economics | The field of economics that studies how labor markets work. Labor economics examines: (1) the organization, functioning, and outcomes of labor markets; (2) the decisions of prospective and present labor market participants; and (3) the public policies which relate to the employment and payment of labor resources. |
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| Labor Supply Curve | The sum of the number of workers who enter the labor market in terms of the quantity and quality of skills available to employers. |
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| Model | A story of how markets works that predicts the behavior of market participants. |
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| Normative Economics | Economic analysis which provides prescriptions or statements about what 'should be' based on positive economics and judgements regarding society's objectives (also known as value judgement). |
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| Positive Economics | Economic analysis concerned with propositions that can be verified or refuted by empirical observation. |