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Labor & Wages

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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  1. Labor & Wages

  2. Labor Force • All eligible workers (Employed or not) • 16 years old & Up • 1997- 67% of population in labor force

  3. 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?)

  4. 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

  5. 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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