OSN Ekonomi 2025 - Labour Market Model/Pasar Tenaga Kerja

Summary

This video explains the labor market model, illustrating the relationship between labor demand and supply. It discusses key factors that influence the demand for labor, such as product demand, technology, the number of firms, and human capital. On the supply side, factors like immigration, population growth, work interest, and unemployment benefits are explored. The video also touches on labor market imperfections, such as wage rigidity and the efficiency wage theory. These dynamics shape labor market equilibrium, impacting wages, employment, and productivity.

Takeaways

• 😀 The labor market model shows the relationship between labor demand and labor supply.
• 😀 Labor demand is represented by companies needing workers, while labor supply reflects the number of people willing to work.
• 😀 The labor demand curve slopes downward: higher wages lead to less demand for workers, and lower wages increase demand.
• 😀 The labor supply curve slopes upward: higher wages lead to more people willing to work.
• 😀 Factors that shift the labor demand curve include product demand, technology, number of companies, and human capital.
• 😀 A rise in product demand increases labor demand, as more workers are needed to produce the product.
• 😀 Advances in technology decrease demand for unskilled workers but increase demand for skilled workers.
• 😀 An increase in the number of companies leads to higher labor demand, as more companies require workers.
• 😀 Higher human capital (education and skills) raises labor demand, as companies seek skilled workers.
• 😀 Factors that shift the labor supply curve include immigration, population growth, work interest, and unemployment benefits.

Q & A

What is the labor market model, and what does it represent?

The labor market model represents the relationship between labor demand and labor supply. Labor demand refers to the number of workers companies want to hire, while labor supply refers to the number of workers willing to work.

What are the endogenous variables in the labor market model?

The endogenous variables in the labor market model are the quantity of labor (QL) on the x-axis and the wage rate (Wage) on the y-axis.

Why does the labor demand curve slope downward?

The labor demand curve slopes downward because when wages are high, companies demand fewer workers due to the higher cost of labor. Conversely, when wages are low, companies demand more workers since labor costs are lower.

How does the labor supply curve behave?

The labor supply curve slopes upward, meaning that as wages increase, more people are willing to work, thus increasing the supply of labor.

What factors shift the labor demand curve?

Factors that shift the labor demand curve include the demand for the product, technological advancements, the number of companies, and human capital (education and skill levels of workers).

How does technological advancement affect labor demand?

Technological advancements reduce the demand for unskilled labor because machines or automated processes can replace human workers. However, the demand for skilled labor increases because skilled workers are needed to operate and manage new technologies.

What is 'derived demand' in the context of the labor market?

'Derived demand' refers to the concept that the demand for labor depends on the demand for the products that labor helps produce. If demand for a product increases, the demand for labor to produce that product also increases.

How does immigration impact the labor supply curve?

Immigration increases the number of workers available in a country, which shifts the labor supply curve to the right, indicating an increase in the supply of labor.

What is the effect of high unemployment benefits on the labor supply?

High unemployment benefits reduce the incentive to work, which shifts the labor supply curve to the left, as fewer people are motivated to seek employment when they can receive benefits without working.

What is 'wage rigidity' and how does it affect the labor market?

Wage rigidity occurs when wages are unable to adjust to equilibrium levels due to external factors such as minimum wage laws, which can cause excess supply of labor (unemployment). This happens because wages are set above the equilibrium level, leading to more people wanting jobs than there are positions available.