rate

usury laws laws that impose an upper limit on the interest rate that lenders can charge

Key Concepts and Summary

4.1 Demand and Supply at Work in Labor Markets

In the labor market, households are on the supply side of the market and firms are on the demand side. In the

market for financial capital, households and firms can be on either side of the market: they are suppliers of

financial capital when they save or make financial investments, and demanders of financial capital when they

borrow or receive financial investments.

In the demand and supply analysis of labor markets, we can measure the price by the annual salary or hourly

wage received. We can measure the quantity of labor various ways, like number of workers or the number of

hours worked.

Factors that can shift the demand curve for labor include: a change in the quantity demanded of the product

that the labor produces; a change in the production process that uses more or less labor; and a change in
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