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LABOR. And UNEMPLOYMENT. Video tutorial:. http://mcjags.com/Page/2410 Go to ECON LINKS PAGE and scroll to VIDEO TUTORIALS: MACROECONOMICS and choose Episode 18 UNEMPLOYMENT (2:50) Episode 18: UNEMPLOYMENT (2:50). THE LABOR FORCE:.

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Labor

LABOR

And UNEMPLOYMENT


Video tutorial

Video tutorial:

  • http://mcjags.com/Page/2410 Go to ECON LINKS PAGE and scroll to VIDEO TUTORIALS: MACROECONOMICS and choose Episode 18 UNEMPLOYMENT (2:50)

  • Episode 18: UNEMPLOYMENT (2:50)


The labor force

THE LABOR FORCE:

  • Includes all the members of the population who are employed or actively looking for work

  • Only adults (ages 16 +) who are NOT incarcerated

  • DISCOURAGED WORKERS: people not in the labor force; they want to work but have given up looking for a job because they don’t believe any are available

  • UNDEREMPLOYED WORKERS: work at jobs which pay below their skill level; often work 2 or more jobs; are counted


Average labor productivity

AVERAGE LABOR PRODUCTIVITY

  • a measure of how much the typical worker can produce

  • Mathematically, this is the economy’s

    AVG. LABOR = TOTAL OUTPUT (GDP)

    PRODUCTIVITY TOTAL # OF WORKERS


Unemployment

UNEMPLOYMENT:

  • UNEMPLOYMENT RATE: the number of people employed divided by the labor force


4 types of unemployment

4 TYPES OF UNEMPLOYMENT

  • STRUCTURAL

  • CYCLICAL

  • FRICTIONAL

  • SEASONAL


Video tutorial1

Video Tutorial :

  • http://mcjags.com/Page/2410: Go to ECON LINKS PAGE and scroll to VIDEO TUTORIALS: MACROECONOMICS and choose Episode 19: TYPES OF UNEMPLOYMENT (4:19)

  • Episode 19: TYPES OF UNEMPLOYMENT (4:19)


Structural unemployment

STRUCTURAL UNEMPLOYMENT

  • Results from changes in the goods that consumers demand

  • Results from changes in TECHNOLOGY – PROGRESS! “Gale of creative destruction” – Joseph Schumpeter

  • It’s a mismatch between SKILLS workers possess and SKILLS the market demands

    (People don’t want BUGGY WHIPS; they want STEERING WHEELS now!)


Cyclical unemployment

CYCLICAL UNEMPLOYMENT

  • Due to fluctuations in the business cycle

  • MOST SERIOUS TYPE: the economy is in trouble

    • CONTRACTING

    • IN A TROUGH

    • IN A RECESSION

    • RECESSION:

    • two consecutive quarters (6 mo.) of negative growth in GDP

    • DEPRESSION:

    • eight consecutive quarters (2 yrs.) of negative growth in GDP


Frictional unemployment

FRICTIONAL UNEMPLOYMENT

  • Results from the time-lag between when a worker is fired or quits his job and when he finds a new one

  • Job searching, applying and interviewing, relocating, and moving up!

  • Can NEVER be eliminated (only reduced)

  • Not always bad! (quit a crummy job for a better one!)


Seasonal unemployment

SEASONAL UNEMPLOYMENT:

  • Jobs are associated with seasons

    • Lifeguards = unemployed in the winter

    • Roofers = work during hot summer


Natural unemployment rate

NATURAL UNEMPLOYMENT RATE

  • Even when the ECONOMY is at FULL EMPLOYMENT, some types of UNEMPLOYMENT are inevitable:

    --frictional (main component of natural unemployment)

    --seasonal (least serious)

    --STRUCTURAL (serious) due to progress! (Think buggy whips)


Recently viewed as 4 to 5 but could be moving up

Recently viewed as 4 to 5 %, but could be moving up!


Current unemployment rate nov 2010 9 8

Current Unemployment Rate Nov. 2010: 9.8%


Newshour reports

Newshour Reports:

  • REALITIES of the Recession & Changing Workforce (20:44)

  • UNEMPLOYMENT - Many Left Uncounted (10:53)

  • FINDING WORK (7:21)

  • LENGTHY JOBLESSNESS TAKES TOLL ON 99ers

    (9:19)

    STRESS and BURNOUT TAKING TOLL on WORKERS (7:53)


Cards up on employment

CARDS UP on EMPLOYMENT!


Labor

  • 1. Which of the following groups is part of the labor force?

  • a. people in prison

  • b. people in the army

  • c. people who are retired

  • d. people under sixteen

  • e. people counted in the unemployment rate


Labor

2. Frictional unemployment is caused by

  • a. obsolete (outdated) skills

  • b. economic downturn

  • c. high inflation

  • d. undervalued currency

  • e. time-lag between jobs


Labor

  • 3. Structural unemployment is caused by

  • a. skills mismatch

  • b. undervalued currency

  • c. economic downturn

  • d. high inflation

  • e. time-lag between jobs


Labor

  • 4. Cyclical unemployment is caused by

  • a. time-lag between jobs

  • b. economic downturn

  • c. undervalued currency

  • d. high inflation

  • e. skills mismatch


Labor

  • 1 26. Bob is laid off during a recession. He is

  • a. frictionally unemployed

  • b. seasonally unemployed

  • c. cyclically unemployed

  • d. structurally unemployed

  • e. technologically unemployed


Labor

  • 3. Bill’s is a roofer. He doesn't work in Dec.-Mar. He's

  • a. seasonally unemployed

  • b. structurally unemployed

  • c. cyclically unemployed

  • d. technologically unemployed

  • e. frictionally unemployed


Labor

  • 28. Betty lost her job as a key punch operator when the computer industry advanced to optical scanning and other easier forms of input:

  • a. seasonally unemployed

  • b. frictionally unemployed

  • c. technologically unemployed

  • d. structurally unemployed

  • e. cyclically unemployed


Labor

  • 5. Jill recently quit her job as a restaurant hostess because she just finished college and is going to work as a physical therapist.

  • a. technologically unemployed

  • b. cyclically unemployed

  • c. seasonally unemployed

  • d. structurally unemployed

  • e. frictionally unemployed


Labor

  • 6. An abnormally high rate of which type of unemployment indicates a problem in the economy?

  • a. seasonal

  • b. frictional

  • c. structural

  • d. technological

  • e. cyclical


Labor

  • 7. Which of the following is not counted in the natural rate of unemployment and indicates a problem in the economy?

  • a. frictional unemployment

  • b. technological unemployment

  • c. cyclical unemployment

  • d. seasonal unemployment

  • e. structural unemployment


Labor

  • 8. In the United States, the natural rate of unemployment is approximately

  • a. 2%

  • b. 15%

  • c. 0%

  • d. 10%

  • e. 5%


End of quiz

END OF QUIZ


Video tutorial on unions

Video Tutorial on UNIONS:

  • ECONOMICS USA: Program #9 LABOR AND MANAGEMENT (30:00)


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