2 Productivity- value of output Labor Force- all full-time nonmilitary personnel who are employed or unemployedThis takes into account all people who can actually search for and receive a job in the civilian workforceProductivity- value of outputEquilibrium Wage- the wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market.
3 Unskilled Labor- labor that requires no specialized skills, education, or training Semi-Skilled Labor- labor that requires minimal specialized skills and education
4 Skilled Labor- labor that requires specialized skills and training. Professional Labor- labor that requires advanced skills and education.
5 Affirmative action- the use of policies, programs, and procedures to ensure the inclusion of minorities and women in job hiring, college admission, and the awarding of government contracts.Glass ceiling- an unofficial, invisible, barrier that prevents women and minorities from advancing in business dominated by white men.
6 Featherbedding- the practice of negotiating labor contracts that keep unnecessary workers on a company’s payroll.
7 The price of labor depends on conditions in the labor market. Each month the Bureau of Labor Statistics (BLS) of the United States department of labor surveys households to assemble information on the labor force. They provide answers to two important economic questions: How many people are in the labor force? How many are employed and unemployed at any given time?
8 People are considered employed if they are 16 years or older and meet one of the following requirements:They worked at least one hour for pay within the past week,They worked 15 or more hours without pay in a family business,They held jobs but did not work due to illness, vacation, labor disputes, or bad weather.
9 People are counted as unemployed if they are 16 years or older, not institutionalized, not currently working and meet one of the following requirements.They are temporarily laid off from their jobs,They will be reporting to a new jobs within 30 days,They are not working but have looked for jobs within the last 4 weeks.
10 “Discouraged Workers” are people who once sought work but have given up looking for a job, they are not counted in employment statistics.The unemployment rate only takes into account those who are looking for jobs through an unemployment office.Thus, the real unemployment numbers are always higher than what is actually reported
11 The Equal Pay act of 1963 declared that male and female employees in the same workplace performing the same job had to receive the same pay.Title VII of the Civil Rights Act of 1964 forbids job discrimination on the basis of race, sex, color, religion, or nationality.
12 Under the Civil Rights Act, the federal government began enacting affirmative action laws. While laws were enacted to prevent discrimination, affirmative action was intended to actively improve opportunities for minorities and women and make up for past discrimination.
13 Recent court challenges to affirmative action laws have weakened them. To enforce its provisions, the Civil Rights Act of 1964 created the Equal Employment Opportunity Commission (EEOC).The EEOC handles complaints of job discrimination.If necessary, its takes companies to court to force them to comply with the law.
14 Who does the government include in its definition of the labor force? Nonmilitary people, either employed or unemployed.
15 What are some factors that affect workers earnings? Level of dangerPhysical or emotional stresslocation
17 What determines the size of our paychecks? Supply and demand of jobs.
18 How does education affect wages? The better the education the better the pay
19 What groups of people does the government to be in: a)The labor force?b)Employedc)unemployed?Labor force-all people who are not in the military, employed or unemployed.Employed-16 or older, worked at least one hour for pay, worked 15 or more hours without pay in a family business, or held jobs, but didn’t work due to illness, vacation, labor disputes, or bad weather.Unemployed-16 or older, temporarily laid off from their jobs, they will be reporting to new jobs in 30 days, or they aren’t working but have looked for jobs in the past 4 weeks.
20 What generally happens to the equilibrium wage when a)Demand for workers is low and supply is high?b)Demand for workers is high and supply is low?A)The wages will go down,b)The wages will go up.
21 Are you part of the labor force Are you part of the labor force? If so, would the government consider you employed during the past week, or unemployed? If not, explain why.
22 What affect might a glass ceiling have on wages in a particular industry? The wages may be higher, because there are only white men in the industry.
23 The wage rate that produces neither a surplus nor a shortage of workers in the labor market is called ______________.Equilibrium wage.