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S E17: The Labor Market - Live to Work, or Work to Live?
Think Like An Economist
How Many Barristers Should I Hire?
We need to get to grips with the fact that we are supplies selling our labor. So i sell my labor to the university of michigan. My labor being my world class expertise in economics. The university wants to hire top economists, so they demand my labor. Or you could say they buy my labor by paying me a price for it. That price is also known as my wage.
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