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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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Presentation Transcript
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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