Labor & Wages

Labor Force All non-military people who are either employed or unemployed

Who makes up the labor force? EmployedUnemployed 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

Not counted in the labor force/stats Students Stay at home parents Retirees “Discouraged Worker”

Wages & Skill Levels Unskilled – requires no skills, education or training Waiters, janitors, factory workers

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

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

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

Wages What improves wages of American workers???? Increase in productivityIncrease in productivity

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

6 characteristics of money Durability – won’t 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

Would these make good $$$$? Sugar Emeralds Horses Coins Seashells Govt. issued currency