The Principles of Microeconomics course was developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in December 2019. The course is part of the Ohio Transfer Assurance Guides and is also named OSS004. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Content ContributorsKen Fah                                             Ohio Dominican UniversityJohn Fiske                                         Ohio Dominican UniversityJoe Nowakowski                                Muskingum UniversityLibrarianNathan Wolfe                                     Kenyon CollegeReview TeamMolly Cooper                                     Ohio State University Subbu Kumarappan                          Ohio State University ATI 

This topic introduces the features of the market for labor, a factor of production.  It examines the factors that determine the demand for labor and supply of labor.  Equilibrium employment and wages under different assumptions of output and labor market structure are presented.  It considers the potential consequences of the minimum wage for workers and employers.  Current developments in US labor markets including labor unions, and their implications for trends in wages and earnings are explored.