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Chapter 9: Labor

Chapter 9: Labor. Sections 1: Labor Market Trends And Section 2: Labor and Wages . Defining the Labor Force. Labor Force – all NON-MILITARY people who are employed or unemployed Employed People Worked at least one hour for pay in the past week

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Chapter 9: Labor

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  1. Chapter 9: Labor Sections 1: Labor Market Trends And Section 2: Labor and Wages .

  2. Defining the Labor Force • Labor Force – all NON-MILITARY people who are employed or unemployed • Employed People • Worked at least one hour for pay in the past week • Worked 15 hours or more without pay in a family business • Held jobs but didn’t work • Illness • Vacation • Labor disputes • Bad weather

  3. Labor Force • International Competition • Outsourcing • Contracting with another company • To do a specific job • Using the other company’s workers instead of their own workers • Offshoring • Moving the entire company or parts of the company to another country • Hire their people for less money

  4. Labor Force • Labor and Education • College and Post-high school training • It DOES matter • Learning Effect • You learn specific skills that employers look for • Screening Effect • You show that you can finish what you start

  5. Labor and Wages • Derived Demand • Labor is DERIVED from the need to create a different good or service • Productivity of Labor • The Quantity of a product made by one laborer

  6. Supply and Demand for Labor • Workers SUPPLY labor • Employers DEMAND labor • Equilibrium Wage • Workers are happy with the pay • Employers are happy with the pay of labor for labor

  7. Wages and Skill Levels • Unskilled Labor • No specialized skills • HUGE supply of capable workers • Low hourly wages • Semi-skilled Labor • Minimal specialized skills • Large supply of workers • Middle hourly wages

  8. Wages and Skill Levels • Skilled Labor • Requires special skills and training • Often make hourly wages • Wages may be very high • Professional Labor • Requires advanced skills and education • White collar workers • Make a salary

  9. Unions and Labor • Labor Union • Organization of workers that tries to improve • Wages • Benefits • Working conditions • Methods of reaching a labor agreement • Union Actions • Strikes • Labor slowdown • Outside help • Mediation • Arbitration

  10. Unions and Labor • Labor Unions • Negatives • Greed • Corruption • Featherbedding • Protecting unnecessary union jobs

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