Warm-up Give me a list of 5 stressful & 5 non-stressful jobs and one reason for each….

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.

Ch 9 Labor

Ch 9.1 Labor Market Trends non-military one hour without pay not work 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

People outside the labor force Full-time students Stay at home parents ______ retirees

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

Occupational Trends Changing Economy farmers Fewer Goods, More _______ 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

Changing Labor Force 1 job for his life 4-5 productivity hard-working 1950’s: 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

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

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, professors…WHY? Flexible work ________ temp workers is easier They are paid less with fewer ______ People prefer it. Discharge benefits

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?___________

Ch 9.2 Labor and Wages Labor Demand, Supply & Equilibrium higher wage 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

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

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

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

Glass Ceiling barrier The unofficial, invisible ________ that sometimes prevents some women and minorities from advancing tot the top ranks of business.

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

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.

Ch 9.3 Organized labor The Labor Movement & Its Decline Unions arose because of Industrial Revolution in early/mid 1800’s…Manufacturing brought in new occupations: the factory job Child labor, 16 hr/7days a week, meager wages Strikes =_____________________ Early 1900’s 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%

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

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

Strikes and Settlements Unions may ask members to vote on whether to strike…and 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

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!