Warm-up

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

• 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 _________

10.2
7
Occupational Trends

• Changing Economy
• 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

• 1950s 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,
  professorsWHY?
• 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
• 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.

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Ch 9.3 Organized labor

• The Labor Movement Its Decline
• Unions arose because of Industrial Revolution in
  early/mid 1800sManufacturing brought in new
  occupations the factory job
• Child labor, 16 hr/7days a week, meager wages
• Strikes _____________________
• Early 1900s 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
  strikeand 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
23

• SEVEN GROUPS Radio Station, Shoe Store, Pet
  Store, Orchard, Computer Store, Restaurant, Toy
  Store
• Each group makes a proposal/pitch to an investor.
  Include Name of Business, Location, what
  selling, logo, demographics, startup costs,
  amount of labor needed, etc... make Pitch!