1. Warm-up
Give me a list of 5 stressful & 5 non-stressful jobs and one reason for each….

2. STRESS V. NON-STRESS
Most stressful: President, firefighter, senior corporate executive, Indy class race car driver, taxi driver, surgeon, astronaut, police officer, football player and air-traffic controller!!
LEAST stressful: medical records tech, janitor, forklift, operator, musical instrument repairer, florist, actuary, appliance repairer, medical secretary, librarian and bookkeeper.

3. Ch 9 Labor

4. Ch 9.1 Labor Market Trends non-military one hour without pay not work
Labor Force: all ______________people who are employed or unemployed
Employment (at least 16 years or older)
They worked at least ____________ for pay within the week
They worked 15 or more hours _______________ in a family business
They held jobs but did ____________ due to illness, vacation, labor disputes or bad weather
Unemployment
Temporarily without work
Not working but ______________________ within last ___ weeks
one hour
without pay
not work
looking for a job 4

5. People outside the labor force
Full-time students
Stay at home parents
______
retirees

6. Bureau of Labor Statistics
BLS provides answers to 2 important Economic Questions
1. How many people are in the labor force
2. How many are employed and unemployed at any given time?
Unemployment rate this month: _________
4.7%

7. Occupational Trends Changing Economy farmers Fewer Goods, More _______
From _________ to the Industrial Revolution to the Information Age
Fewer Goods, More _______
Ex: financial services (banking, insurance, investments), online services (web design, advertising), consulting, health care, publishing
Effects of International Competition
With the increase of services, manufacturing and less-skilled jobs go overseas
farmers
Services

8. Changing Labor Force 1 job for his life 4-5 productivity hard-working
1950’s: White man high school grad, took ______________, retire age 65 (if lucky)
Today: College Grad, _____ different jobs, retire age 62.
LEARNING EFFECT: education increases ____________ and results in higher wages.
SCREENING EFFECT: the completion of college indicates to employers that a job applicant is intelligent and ______________.
Women Enter Workforce & Temporary Workers
1 job for his life
4-5
productivity
hard-working

9. Trends in Wages & Benefits
BLS : The average weekly earning _________from $275 in 1980 to $271 in 1999.
WHY??? Because of health insurance, retirement funds, employee stock options,, year-end bonuses, flex-time, social security
decreased

10. Temporary Workers
Contingent employment: temporary and part-time jobs. Usually hired for a specified time period to complete a certain task. This is becoming more common. Ex. Software engineers, attorneys, professors…WHY?
Flexible work
________ temp workers is easier
They are paid less with fewer ______
People prefer it.
Discharge
benefits

11. Would you hire permanent workers or temporary workers if you owned:
A pool and garden shop in Minnesota?___________
An architectural firm in Dallas?___________
A Laundromat in Atlanta?_____________
A tax preparation service nationwide?___________

12. Ch 9.2 Labor and Wages Labor Demand, Supply & Equilibrium higher wage
Firms try to keep workers wages close to their level of productivity. Those specialized & in short supply get ____________ (brain surgeon).
An equilibrium wage produces neither excess supply nor excess demand for workers in the labor market.
higher wage

13. Wage and Skill Level
Unskilled labor: ___________, no training (dishwasher, janitor)
Semi-skilled: Minimal skills and education (lifeguard, cook)
Skilled Labor: Training usually at operating equipment and usually are paid hourly instead of on salary (plumber, firefighter)
Professional Labor: _____________ who receive a _____ (dr,teacher)
NO SKILLS
advanced skills
salary

14. Wage Discrimination
Equal ____ Act of 1963 required that male and female employees performing the same job receive the ________
Title VII of the Civil Rights Act of 1964 prohibits job discrimination on the basis of race, sex, color, religion, or nationality.
Pay
same pay

15. Despite protection the gap continues
Women's work : traditionally women pursue careers in _____ paying fields.
Human Capital : traditionally women have ______________, training and experience in certain occupations.
Women's career paths: Many women face balancing ___________ and some employers assume females are not interested in career advancement.
lower
less education
child rearing

16. Glass Ceiling
barrier
The unofficial, invisible ________ that sometimes prevents some women and minorities from advancing tot the top ranks of business.

17. Other Factors Affecting Wages
Minimum Wage Laws (artificially increases price of labor and can decrease quantity demanded)
Safety Laws (higher wage for more dangerous work)
Substitute __________ for Man
Unions: organization of workers that tries to improve working conditions, wages and benefits for its members.
___________: negotiating labor contracts that keep unnecessary workers on the company payroll
Machine
Featherbedding

18. Global Connections
An average production worker in the US makes 31K a year. In Germany its 36K, Hungary 9K, France 28K, Japan 28K, Turkey 16K and Mexico 9K.

19. Ch 9.3 Organized labor The Labor Movement & Its Decline
Unions arose because of Industrial Revolution in early/mid 1800’s…Manufacturing brought in new occupations: the factory job
Child labor, 16 hr/7days a week, meager wages
Strikes =_____________________
Early 1900’s unions began to abuse power (featherbedding)
Right-to-Work laws: banned mandatory union membership (mainly in the south) thus today's union membership is only______
organized work stoppage
13.5%

20. Blue collar worker – are those who work in ________________, often manufacturing, who works_______. They have been declining in recent years.
White-collar worker is someone in a professional or clerical job who earns a________.
industrial jobs
hourly
salary

21. Labor & Management
_______________: the process in which union and company representatives meet periodically to negotiate a new labor contract.
Contracts usually last 2-5 years and can cover hundreds of issues
Wages and benefits
Working conditions
Job security
Collective bargaining

22. Strikes and Settlements
Unions may ask members to vote on whether to strike…and they can cripple a company.
Mediation – settlement technique in which a neutral mediator meets with each side to try to find a ___________ that both accept
Arbitration – settlement technique in which a ______________review and imposes a decision that is _______________(post med)
solution
neutral third party
legally binding