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Published bySamson Willis Modified over 9 years ago
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Today’s Schedule – 10/17 PPT: Labor and Wages Video: Minimum Wage HW: – Read 9.3 – Finish franchise research
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Why So Much? Why So Little? If there is a small supply of workers but a high demand = big paychecks!
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Labor Demand Derived Demand: Demand that is determined by demand for another good or service – Increasing demand for nurses due to increasing demand for healthcare Pay is based on productivity: value of output – Pay based on profits from output
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Labor Supply Higher wages = increased supply in labor Why might this not always be true?
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Equilibrium Wages Wage where there is neither an excess of supply or demand for workers
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Wages and Skill Levels Unskilled- no special skills required – Janitors – Hourly wages Semi-skilled- minimal skills/educated needed – Word Processors – Hourly wages
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Wages and Skills Skilled- requires specialized abilities to operate complicated equipment; little supervision – Mechanics, Bank tellers – Hourly wages Professional- advanced skills and education – Doctors, lawyers, teachers, Managers – Salary
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Wages and Working Conditions High accident and fatality rate = big money! Example: Deadliest Catch
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Wage Discrimination When those with same job, skill, education, performance and seniority receive unequal pay Reasoning: Women just want extra cash/will leave when have a baby
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Wage Discrimination Legislation: – Equal Pay Act of 1963: Equal pay for men and women – Civil Rights Act of 1964: Prohibits discrimination – Equal Employment Opportunity Commission (EEOC) Processes discrimination claims
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Wage Gap- Common Misconceptions Women’s Work: encouraged into certain fields such as teaching, nursing and clerical work – High labor supply = low wages Human Capital: women have less education Career Paths: perception of not wanting career advancement
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Wage Discrimination Glass ceiling: barrier that prevents women and minorities from advancing in businesses dominated by white men
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Factors Affecting Wages Minimum Wage Laws Safety Laws Subbing machinery for human labor Unions
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