Labor Markets and Minimum Wage: Crash Course Economics

The video discusses labor markets, focusing on how supply and demand determine wages. It uses Cristiano Ronaldo's salary as an example of high demand and low supply. The video also covers wage negotiation, wage discrimination, monopsony, efficiency wages, unions, and the minimum wage debate. It highlights how different factors affect wages and employment, including market dynamics, discrimination, and government policies.

What is derived demand in the context of labor markets?

How does the minimum wage affect employment and wages in the labor market?

What arguments do economists make for and against raising the minimum wage?

In what ways can education and skills impact a worker's wage potential?