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Business in the US Economy

Business in the US Economy. Chapter 5-1. “Baby boomer” have dominated the labor market since the 1960’s Will begin retiring in the 2010’s. A mini-boom of younger workers will cause the 16 to 24 year old age group to grow.

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Business in the US Economy

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  1. Business in the US Economy Chapter 5-1

  2. “Baby boomer” have dominated the labor market since the 1960’s • Will begin retiring in the 2010’s. • A mini-boom of younger workers will cause the 16 to 24 year old age group to grow. • The percentage of white workers will decrease, and the percentage of women in the workforce will increase. The Changing U.S. Job Market

  3. Economic stress has led to downsizing of the number of people employed by many companies. • Companies streamlined production and implemented other cost-cutting procedures. • Contingent workers – one who has no explicit or implicit contract for long-term employment. Pressure on Employees

  4. Size of Businesses

  5. Provide employment • Pay taxes • Make and distribute products and services • Earn profits for owners and investors Roles of Businesses

  6. Generate Ideas • Raise Capital • Employ and train personnel • Buy goods and services • Marketing goods and services • Maintain business records Business Activities

  7. Producers– create the products and services used by individual • Extractor – pump oil, mine coal, or cut timber • Farmers – cultivate land and use other natural resources to grow crops and livestock • Intermediaries – businesses involved in selling the goods and services of producers to consumers • Service Business – carry out activities that are consumed by its customers Types of Businesses

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