time college students and 81% of part-time college students were employed. Most college students are also

heavily involved in financial markets, primarily as borrowers. As of the 2018–19 school year, 43% of full-time

undergraduate students were receiving loan aid to help finance their education, and those loans averaged

$7,300 per year. Many students also borrow for other expenses, like purchasing a car. As this chapter will

illustrate, we can analyze labor markets and financial markets with the same tools we use to analyze demand

and supply in the goods markets.

4.1 Demand and Supply at Work in Labor Markets

LEARNING OBJECTIVES

By the end of this section, you will be able to:

• Predict shifts in the demand and supply curves of the labor market

• Explain the impact of new technology on the demand and supply curves of the labor market

• Explain price floors in the labor market such as minimum wage or a living wage
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