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Warm-Up

Warm-Up. What are the four types of labor? Read pg 205-209 Define theory of negotiated wages and signaling theory. Describe the three different approaches to wage determination. Critical Thinking.

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Warm-Up

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  1. Warm-Up • What are the four types of labor? • Read pg 205-209 • Define theory of negotiated wages and signaling theory. • Describe the three different approaches to wage determination.

  2. Critical Thinking • What type of jobs are the most important to our civilization? How much are these workers paid? Why are they paid these wages?

  3. Notes: Labor and wages Standard: SSEF6b- Explain the significance of investment in education, training, and skill development.

  4. Economic Mystery • Why do nurses , police officers, firefighters and teachers receive salaries far short of the amounts paid to professional athletes? Do you believe this okay morally? Are our values wrong? Why or why not.

  5. Labor • Civilian Labor force: men and women 16 years of age and over who are either working or looking for a job • 4 types: 1. Unskilled labor 2. Semiskilled labor 3. Skilled labor 4. Professional labor

  6. Unskilled labor • Those who work primarily with their hands because they lack training and skills required for other tasks.

  7. Semiskilled Worker • Workers with enough skills and mechanical abilities to operate machines that require an amount of training

  8. Skilled labor • Workers who are able to operate complex equipment and can perform tasks with little supervision

  9. Professional labor • Individuals with the highest level of knowledge-based education and managerial skills

  10. Level of Education required

  11. Noncompeting Labor Grades • Broad categories of labor do not compete with each other because of experience, training, education, and other human capital investments

  12. Wage rate • A standard amount of pay given for work performed. • Differences in wages depends on : 1. supply and demand 2. influence of unions

  13. Homework tonight • What job do you want? • What level of education is required? • Which labor category does it fit under?

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