1. The Labor Force

2. Civilian Labor Force
Total number of people 16 years and older who are either employed or are actively seeking employment.

3. Who is excluded from civilian labor force??
Individuals not able to work (prison, mental institutions, disabled)
Armed forces
Those not looking for a paying job (full-time students, homemakers)

4. Blue Collar Workers
Craft workers; manufacturing; non-farm laborers

5. White Collar Workers
Office workers; sales people; professionals (doctors, lawyers, engineers)

6. Pink Collar Workers Traditionally, jobs held by women
In recent years, more of these jobs are opening to men as well
Ex - teachers, florists, hairstylists, nurses

7. Skilled v. Unskilled Workers
Skilled – one who has learned a trade or craft through either vocational school or as an apprentice
Unskilled – those whose jobs require no specialized training
There has been a trend to having semi-skilled workers, whose jobs require training in modern technology

8. Unemployment Rate
Those who are without jobs but are actively looking for employment
GOAL – keep the economy at full employment rate. Best is to have unemployment under 6.5%

9. Ways to unemployment harms society
Waste of human resource
Reduces purchasing power/decrease in sales
Increases government dependence
Takes away from government income
Reduce standard of living
Disrupts families
Take away feeling of self-respect

10. Types of unemployment
Structural – caused due to technological advances (machine replaces man)
Seasonal – caused by changes in the seasons or weather (construction, baseball, Christmas)
Frictional – temporary unemployment b/c of firings, layoffs, search for new job, retraining
Cyclical – associated with the business cycle…high in recession & low in expansion