Introduction to Business Chapter 18 Human Resources in Our Economy Essential Question: How important are Human Resources for our economy?

Objectives: 1.2 Business Environment (C): Students will understand the development and structure of business environments. They will demonstrate competency by identifying the dynamic components of business structure and its relationship to the global business environment. 1.2.2 Business Law–describe the sources of law, the structure of the court systems and ways in which these laws apply to basic consumer and business transactions. 1.2.4 Competitive Environment–explain the economic effects of competition on a business in an international marketplace. 1.2.8 Interrelationships of Business Operations–discuss the interrelationships between different business lines as they relate to finance, tax, operations, human resources, marketing, production, management, and the legal environment. 1.4 Economics and Financial Concepts (C): Students will understand the impact of global and domestic businesses, financial concepts, and integrated business models. They will demonstrate competency by using appropriate technology and other resources to solve business problems. 1.4.1 Business/Financial Relationships–analyze the financial implications of various functions of a business and describe how they interrelate 1.4.2 Demographics–interpret demographic data and explain its impact on the economy. 1.4.3 Economic Culture–explain how culture affects economic practice and business ethics

Chapter Objectives Explain why human resources are a vital economic force. Identify types of industries and occupational groups in our workforce. Discuss factors that affect job opportunities and how the workplace is changing.

The US Workforce p. 241 Types of Industries. Operational groups. Service producing industries – businesses that perform services to satisfy the needs of other businesses and consumers. Goods-producing industry – Businesses that manufacture many kinds of products. Occupational groups. White collar workers – workers whose work involves a great deal of contact with other people and the handling and processing information. Blue collar workers – workers whose work involves the operation of machinery and or equipment.

Changing job opportunities. p. 243 Influence of consumers. derived demand – A demand for factors of production affected by consumer demand for a product or service. Business cycles. (see also Chapter 4) Changes in the economy change demand for workers Prosperity – Jobs are created to keep supplies up with demand. Recession – as prices increase, consumers spend less, creating less demand for jobs causing the economy to recede from economic peak. Depression – Consumers continue to spend less due to prolonged lack of work, creating even less demand for jobs causing an inability for the economy to recover. Recovery – New jobs are created to keep supplies up with demand.

Changing job opportunities continued p. 243 New Technologies. Automation of tasks changes the workforce eliminating some jobs and creating others. Business competition. Businesses must remain competitive to maintain and add to their market share. This competition creates or eliminates job opportunities. Downsizing can give companies a competitive edge and outsourcing can make the firm more efficient by reducing costs. Outsourcing can create opportunities for displaced workers. Societal trends. As the society changes the composition of the workforce changes. Aging populations, immigration birthrates affect the workforce, thereby creating and eliminating opportunities.

The Changing Workplace. Laws and regulations. Technology. Society.

Training and Development p. 177 Sources of training within a small business include the owner or experienced employees. Other sources include trainers who conduct training sessions at the business site; training programs offered by schools colleges; seminars, classes and training materials available through the Small Business Administration; and equipment vendors or other businesses that sell products. New employees are trained Help them learn processes for job. Either in-house, purchased, or vended out Existing employees. New process or equipment Maintain skills. Additional education. Degree programs to enhance leadership and specialty skills.

Assignments Do Now Monday--Calculate Business Data p.24 #24 Tuesday--Calculate Business Data p.24 #25 Wednesday--Calculate Business Data p.24 #2 Read example and calculate answer in an Excel spreadsheet, show your work. Give a short explanation as to your answers. Workshop Discussion Communicate Business Concepts questions 10-14 p.248. Discuss questions with your group and write a brief answer to both questions

Homework Define Key Terms Develop your Business Language p. 153. Answer Review your reading questions 1-11 p.152.