Labor

1
Labor Wages
2
Labor Force

• All non-military people who are either employed
  or unemployed

3
Who makes up the labor force?Employed Unemploye
d

• 16 yrs. old and 1of the following
• Worked at least 1 hour in the past week for pay
• Worked 15 or more hrs. in a family business w/no
  pay
• Held a job, but did not work due to illness,
  vacation, ect.

• 16 yrs old, not institutionalized and 1 of the
  following
• Laid off from their job
• Will report to a new job in 30 days or less
• Have looked for a job in the past 4 weeks

4
Not counted in the labor force/stats

• Students
• Stay at home parents
• Retirees
• Discouraged Worker

5
Wages Skill Levels

• Unskilled requires no skills, education or
  training
• Waiters, janitors, factory workers

6

• Semi-Skilled requires minimal skills/education
• construction worker, cook, lifeguard

7

• Skilled specialized skills and training
  required
• firefighter, plumber, auto mechanic

8

• Professional demands advanced skills and
  education
• Doctor, teacher, Lawyer, programmer

9
Wages

• What improves wages of American workers????
• Increase in productivity

10
3 uses of money

• Medium of exchange determines value
• Unit of account compares value of
  goods/services at different stores
• Store of value keeps its value, savings

11
6 characteristics of money

• Durability wont fall apart
• Portability - easy to carry
• Divisibility easy to make change
• Uniformity the same and easy to identify
• Limited supply not easily available to everyone
• Acceptability everyone believes it is
  valuable

12
Would these make good ?

• Sugar
• Emeralds
• Horses
• Coins
• Seashells
• Govt. issued currency