An Overview of Labor Market Labor Force: All those over 15 years of age who are either employed, actively seeking work, or awaiting recall from a layoff. (The age may vary in different countries. For example, it is 16 years of age for the U.S.) Labor Force: All those over 15 years of age who are either employed, actively seeking work, or awaiting recall from a layoff. (The age may vary in different countries. For example, it is 16 years of age for the U.S.) Labor Force Participation Rate: The ratio of the labor force to those of age over 15. Labor Force Participation Rate: The ratio of the labor force to those of age over 15. Science is built up with facts, as a house is with stones. But a collection of facts is no more a science than a heap of stones is a house. -Jules Henri Poincar’e-

Unemployment: Those in the labor force who are not employed(for pay). Unemployment: Those in the labor force who are not employed(for pay). Unemployment Rate: The ratio of those unemployed to those in the labor force. This is the most widely cited measure of labor market condition. Unemployment Rate: The ratio of those unemployed to those in the labor force. This is the most widely cited measure of labor market condition.

Wage Rate: The price of labor per working hour. Wage Rate: The price of labor per working hour. Wage rate × Units of time worked = Earnings. Wage rate × Units of time worked = Earnings. Earnings + Fringe benefit = Compensation. Earnings + Fringe benefit = Compensation. Compensation + Unearned income (interest, dividends, transfer payments etc.) = Income Compensation + Unearned income (interest, dividends, transfer payments etc.) = Income

Population (Age 15 and over) Labor Force (Employed plus Unemployed) Not in Labor Force New Entrants Reentrants Dropouts Retirements Employed Unemployed (Not employed, but looking for work or awaiting recall) Layoffs Quits New Hire Recalls

§ Demand for Labor Product demand Wages, amount of K Choice of technologies Determines number of workers employed Wage Changes: (1) Scale Effect (2) Substitution Effect A demand curve for labor tells us how the desired level of employment varies with changes in the price of labor when the other factors affecting demand are held constant. Wages # of workers D

§ Supply of Labor Market Supply: The supply of labor to a particular market is positively related to the wage rate prevailing in that market holding other wages constant. Wages # of workers S S2S2 S1S1

Supply to Firms: The supply to a firm would be a horizontal line since each firm is a price taker in the competitive labor market. Wages # of workers W*

§ Determination of the Wages Wages # of workers Demand Supply W2W2 W* W1W1 W 1 ： demand exceeds supply W 2 ： supply exceeds demand W* ： Market-Clearing Wage

Wage rates are determined by the market and announced to individual firm. Wages # of workers Demand Supply W* Wages # of workers DADA W* SASA MarketA Typical Firm

項目別總計男性女性 年度 ( 民 國 ) 經濟 成長 率 (%) 勞動 力 ( 千人 ) 就業 者 ( 千 人 ) 失業 者 ( 千 人 ) 勞動 力參 與率 (%) 勞動 力 ( 千 人 ) 就業 者 ( 千 人 ) 失業 者 ( 千 人 ) 勞動 力參 與率 (%) 勞動 力 ( 千 人 ) 就業 者 ( 千 人 ) 失業 者 ( 千 人 ) 勞動 力參 與率 (%) 重要人力指標

項目別總計男性女性 年度 ( 民國 ) 經濟 成長 率 (%) 勞動 力 ( 千人 ) 就業 者 ( 千 人 ) 失業 者 ( 千 人 ) 勞動 力參 與率 (%) 勞動 力 ( 千 人 ) 就業 者 ( 千 人 ) 失業 者 ( 千 人 ) 勞動 力參 與率 (%) 勞動 力 ( 千 人 ) 就業 者 ( 千 人 ) 失業 者 ( 千 人 ) 勞動 力參 與率 (%) ( 半 年 ) 4.3 ( f ) 重要人力指標 ( 續 )

項目 項目 年 總平均女性平均有偶婦女平均 子女均在６歲 以上有偶婦女 有未滿 6 歲子 女有偶婦女 尚無子女 有偶婦女 歷年五月台灣地區有偶婦女勞動參與率

項目 項目年 總平均女性平均有偶婦女平均 子女均在６歲 以上有偶婦女 有未滿 6 歲子 女有偶婦女 尚無子女 有偶婦女 歷年五月台灣地區有偶婦女勞動參與率 ( 續 )