1. Ch. 10 Human Capital

2. Activity: Name Tents How to make a name tent.
Take your piece of stock paper and fold it in thirds (inside itself)
Run your fingers down the edges
Unfold gently and make it stand like a triangle on its side
Write your name on one side
How to make a name tent.

3. Activity: Name Tents​ Group 1: Group 3: Group 2: standing
only one hand (your nondominant hand)
may only use your own body for leaverage
may not assist one another
Group 3:
No rules
Group 2: 
remain seated  
only one hand
may not assist one another

4. Let’s Discuss! Which Group had a hard time making name tents?
What difficulties did you encounter when making your name tents?
Which groups finished quicker?
Which group took the longest to finish?
(staples)

5. What is Human Capital?
Human Capital: the knowledge and skills that people obtain from education, job experience, and training.
You can increase your human capital by: 
going to school (education),
gaining work experience (full or part-time job, volunteer work),
and training (applying skills you’ve learned)
When you go about increasing your human capital, you are investing in your human capital
(firstgiving)

6. Connection to the Activity
In the group activity, those who had fewer limitations when producing their name tent represented those with higher human capital.
This tells us that people with more skills, education, and training tend to be more productive and thus earn a higher wage

7. What are examples of human capital that you currently possess?
What skills do you have?
from school courses_______________
____________________________________
job experience___________________
volunteering _____________________ 
Sports____________________________
extracurriculars activities__________________________
_____________________________________
   
When employers want 10 years of experience before age 22!

8. What are your plans for after High School?
What do you want to do in life?________________________
Training/Education needed
____________________________
(makeameme)

9. Once you get your dream job, how do you go about making sure you keep it?
30 Fastest Growing Jobs in 2018

10. The Labor Market and Labor Force
The market of employers-looking for people to do work & employees-looking to get paid
Labor Force:
Made up of people age 16 and older who are: employed or/actively seeking employment
Does not include: volunteers, homemakers, military, or prison inmates

11. Growth in the Labor Market
Continued growth in the Labor Market
More women
larger % of minorities in workforce
Americans are working longer
One area that is not growing: Younger Americans
Younger Americans are staying in school longer
(money)

12. Manufacturing vs. Services Industries
Manufacturing jobs are down in America.
More focus on services industries:
better technology
More educated people
(money)

13. 4 General Skill Levels of Workers
Unskilled: earn low hourly wage.
janitors, busboys, seasonal farmworkers
Semiskilled: paid hourly
cashiers, construction workers, taxi drivers, fast food cooks
Skilled: paid hourly
police officers, factory workers, bank tellers
Professional: salaried workers
“white collar” jobs: doctors, teachers, lawyers, airline pilots
Many factors influence wage: but skill level and demand for those skills are two biggest ones

14. Determining Wages Wages are determined by demand and supply
Demand is determined by the
employers who need workers
Supply is determined by
job seekers
Immigration and leisure desires can influence the supply of jobs and wages
wages tend to fall when the supply of labor or the demand for labor
Equilibrium Wage: wage rate that occurs when amount of jobs available equals jobs desired.
immigration provides workers willing to work for lower wages, when wages are low, people more inclined to not work and pursue leisure activities

15. Other Factors that Affect Wages
Minimum Wage Laws:
Wages set by local and federal governments affects the market by creating a surplus of workers in unskilled jobs.
Working Conditions:
High stress/more dangerous jobs earn more pay.
Location and Cost of Living:
Pay changes according to where you live and how much it costs to live there.
Cost of Fringe Benefits:
Health insurance and retirement can bring down wages.
Foreign Competition:
Competition for jobs outside the U.S. can bring wages down.
Employers pay for your health insurance and retirement---increases costs which means lower pay

16. Wage Problems Faced by U.S.
Wage discrimination
Workers getting paid less for doing the same job as another
Wage gaps - differences between groups in pay
Women, minorities, adolescents and elders in the workforce
Affirmative Action - hiring practices to try and end discrimination
Makes companies give all groups equal chance at the job
Labor Unions
Created to get better conditions and wages for a group of people
Allows a group to “collectively bargain” for better circumstances
Not as popular as in the past b/c conditions are much better

17. Wages Activity---Paper Airplanes
You will be making paper airplanes. You will get paid based on your productivity. This activity will have several rounds, with each round being 2 minutes long.
Everyone will start off with $10,000. You will be paid a certain amount of “money” for every paper plane you make. The person with the most amount of money at the end of the game wins.
Throughout the game you will be allowed to “increase your human capital”, but you will have to pay for it. However increasing your human capital means you can get paid more for each paper plane you make. It is up to you to decide what you want to do. But remember: The goal is to make the most amount of money.

18. Works Cited