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Labor – Chapter 9 Unit 3 Sections 1,2 & 3
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Labor Market Trends Section 1
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Tracking the Labor Force There are ways to determine our current labor force. Labor force is all nonmilitary people who are employed or unemployed.
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Employment Employed = you’re 16, and one of these: Worked for at least one hour of pay in last week Worked 15 or more hours without pay in “family business” Had job, could not work because of illness, labor dispute, bad weather, or vacation
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Unemployment To be considered unemployed: Must have work lined up for the future Must be actively searching for a new job Non-examples: full time students, stay-at-home parents, retirees
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What about discouraged workers? People who once sought work, but have given up looking for a job, are not counted as employed or unemployed Example: U.S. unemployment rate is 7.3% Real U.S. rate of people who are unemployed or underemployed is 13.8% - 22 million people Rate for recent college grads? 44-53%
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Occupational Trends The economy is always changing over long periods of time: U.S. economy over different periods 1800: Farming – cotton, corn, tobacco, etc. 1900: Manufacturing – Ford automobiles, assembly line, oil, etc. 2000: Hi-technology – computers, smartphones, Google, internet, etc. 2100: ?
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Fewer Goods, More Services Currently, a huge shift from goods production to service based economy – shows a mature economy Less goods produced – clothing, technology, etc. More services – marketing, web design, healthcare, etc. Creative Destruction Is this a problem? Is this a problem?
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International Competition Jobs that formerly had great wages and great benefits (manufacturing), are now seen as unskilled jobs and shipped out of the US for lower costs. Capitalism: A Love Story Demand for unskilled workers ↓ Demand for skilled workers ↑ What can you infer with this information?????
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The Changing Labor Force – It’s the EDUCATION, stupid! College – To get jobs, you must have human capital Education, training, and experience Two reasons why college is important Learning Effect - The more education, the higher the pay. Screening Effect – The college degree alone proves that you are a hard worker and are intelligent.
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Temporary Workers Another major trend in U.S. jobs market: Temporary Workers Flexible work allows a firm to adjust easily Easier to terminate than permanent employees Workers are paid less Some workers prefer it!!!!!!*
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Labor and Wages Section 2
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Labor Demand In labor market, workers are paid for value of what they produce. Companies want (or have demand for) LABOR If you are a cook: $20 meal - $15 wage = $5 profit for employer
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Labor Supply You are the supply, the higher the way, the larger pool of applicants for a job.
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Equilibrium Wage Wage rate that produces neither an excess supply of workers, nor an excess demand for workers. No shortage, no surplus
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Wages and Skill Level I need 4 groups. Each group will be given a term involving skill level in work force. You will need to act out the level of skill based on book definition. You have 7 minutes and 38 seconds to come up with a skit demonstrating that skill level.
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Wages and Skill level Group 1 – Unskilled Labor Group 2 - Semi-Skilled Labor Group 3 – Skilled Labor Group 4 – Professional Labor
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Wage Discrimination Laws – The Equal Pay Act of 1963 – Federal law requiring that male and female workers receive equal pay for equal work. Civil Rights Act of 1964 – Prohibited discrimination of basis of race, sex, color, religion, or nationality.
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Women at Work Women make up a much larger percentage of the labor force due to: Encouragement to attain higher education General shift from a goods economy, to a services economy.
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Women at Work/ Pay Levels Women earned less than men in 99% of all occupations The average woman earns 77 cents to the dollar, while African American women earn 64 cents, and Hispanic women earn 52 cents. Women account for 46% of labor force Women business owners employ 35% than all the Fortune 500 companies combined.
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Why? Why do you think that there is such a disparity(inequality/difference) in female treatment in the labor force?
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Pay Levels for Women 1.“Women’s Work” – Historically denied entrance to high paying careers 2.Human Capital – Historically have had less education 3.Women’s Career Paths – Some employers still assume that female employees are not interested in career advancement.
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Pay for Minorities Historically, whites have had more easier access to higher education. Non-discrimination laws are designed to help (affirmative action), but some argue it has actually hurt minorities. Supreme Court Justice on Affirmative Action Supreme Court Justice on Affirmative Action Supreme Court Justice on Racism Supreme Court Justice on Racism
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Organized Labor/Unions Section 3
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John Henry What does this story represent? What elements from past lessons does this suggest? How does it apply to the current labor topic?
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Unions Organization of Workers to demand better pay, benefits, and working conditions.
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Strike An organized work stoppage intended to force an employer to address worker demands
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Right-to-Work Laws that strip unions of their collective bargaining Strikes are illegal Texas is a right-to-work state
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