Labor, Wages and Unions Economics - Chapter 9. Business Market Review -Identify the four -Key characteristics -Examples.

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Labor, Wages and Unions Economics - Chapter 9. Business Market Review -Identify the four -Key characteristics -Examples.

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Labor, Wages and Unions Economics - Chapter 9

Business Market Review -Identify the four -Key characteristics -Examples

Labor and Wages Objectives -How are wages established. What is productivity and what makes workers more productive. How do we choose jobs. -What is minimum wage? Who sets it? How much is it currently in MN, in USA? What are some economic arguments pro-con about it?

Supply and Demand in the Labor Market A. The price of labor is called the WAGE RATE B. If quantity of labor is supplied is GREATER THAN quantity demanded = SURPLUS of labor (think unemployment) C. If there is a SURPLUS; wages FALL D. If quantity of labor is LESS THAN quantity demanded this is a SHORTAGE of labor E. If there is a shortage of labor; wages INCREASE

Supply and Demand in the Labor Market The demand for labor

Supply and Demand in the Labor Market The supply of labor

Why do some people earn more than others? A. PRODUCTIVITY Factors i. training/skills required (related to education and training) ii. difficulty of work iii. wages usually higher for more productive workers iv. Wage rates may differ because the supply of different types of labor is not the same. They may also differ because the demand for different types of labor is not the same.

Why do some people earn more than others? B. Unions - groups of people in specific fields of work that advocate for rights. i. STRIKE- an act of walking off the job to advocate for rights C. Is money the only thing that matters? i. Benefits= money + nonmoney benefits ii. Give an example of a nonmoney benefit

Minimum Wage A.The minimum wage law is a federal law that specifies the lowest hourly wage rate that can be paid to workers. This law was originally passed during the Great Depression. B.Understanding the debate - Video 1Understanding the debate - C.What are the effects of raising the Minimum wage - Video 2What are the effects of raising the Minimum wage D.Who earns the minimum wage - Video 3Who earns the minimum wage - E.Current rate in MN: $8.00

Triangle Shirtwaist Factory Fire Story Video clip -One of the greatest driving forces in the securing of Worker’s Rights. Early Labor Unions

Union Objectives - Analyze changes to worker’s rights since the 1900’s. -Evaluate the importance of regulations by government and unions. - How did unions get established? What impact and tools do they have? What are some economic arguments pro-con about them?

Understanding Unions Advantages a. Better pay and benefits for members b. Collective voice for the rights of members Disadvantages a. Members pay dues b. Business profits may decrease What occupations often have strong unions today? What do these occupations have in common?

Other violations - today - Wal-Mart (#1 search result when you search “worker’s rights violations”). - Industrial facilities have been found guilty of worker endangerment - Massey Energy- Mine collapse in OSHA for multiple violations