Labor wages
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Labor & Wages. Labor Force. All eligible workers (Employed or not) 16 years old & Up 1997- 67% of population in labor force. Supply and Demand for Labor . How does supply of workers (Job seekers) meet demand for workers (Jobs) Labor Demand Workers are paid by how much revenue they produce

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Labor & Wages

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Labor wages

Labor & Wages


Labor force

Labor Force

  • All eligible workers (Employed or not)

  • 16 years old & Up

  • 1997- 67% of population in labor force


Supply and demand for labor

Supply and Demand for Labor

  • How does supply of workers (Job seekers) meet demand for workers (Jobs)

  • Labor Demand

    • Workers are paid by how much revenue they produce

    • Productivity= value of output (Chef make $20- generate $30)

  • High Wages- More workers= less profit (Machines?)

  • Low Wages- No workers= No production (Unions?)


Wages skill levels

Wages & Skill Levels

  • Unskilled Labor- No special skill or education (Hourly wages)- Carpet cleaner

  • Semi-skilled- Minimal education (Hourly wages)- Lifeguard/ construction

  • Skilled Labor- Specialized skills and training (High hourly)- Firefighters/ lead mechanics

  • Professional Labor- Advanced skills/ education (Salary)- Doctors/ Teachers


Wages

Wages

  • Set by the market/ skill of the worker

  • Factors

    • Discrimination (Race/ Gender)

    • Unions (Work to raise pay)

    • Featherbedding (Non-essential workers)


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