1. Chapter 12

4. The Labor Force Blue Collar – craft workers, workers in manufacturing, nonfarm laborers. White Collar – office workers, salespeople, physicians, engineers, etc. - Largest sector of the labor force.

5. Supply & Demand of Labor 3 factors: 1. Skill – the ability a person brings to a job. Brain surgeon, MLB player, custodian etc. 2. Type of job – is it dangerous or unpleasant? coal mining, crab boat fisherman, firefighter etc. 3. Location – of both the worker and the job. Is it in the middle of nowhere, are there enough people living close to fill all positions etc.

6. Wages Minimum wage law – sets a price floor for hourly workers in the U.S. Does this really do what we want? Should we change it? If so, how?