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LABOR

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

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  1. LABOR And UNEMPLOYMENT

  2. 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)

  3. 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

  4. 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

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

  6. 4 TYPES OF UNEMPLOYMENT • STRUCTURAL • CYCLICAL • FRICTIONAL • SEASONAL

  7. 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)

  8. 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!)

  9. 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

  10. 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!)

  11. SEASONAL UNEMPLOYMENT: • Jobs are associated with seasons • Lifeguards = unemployed in the winter • Roofers = work during hot summer

  12. 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)

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

  14. Current Unemployment Rate Nov. 2010: 9.8%

  15. 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)

  16. CARDS UP on EMPLOYMENT!

  17. 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

  18. 2. Frictional unemployment is caused by • a. obsolete (outdated) skills • b. economic downturn • c. high inflation • d. undervalued currency • e. time-lag between jobs

  19. 3. Structural unemployment is caused by • a. skills mismatch • b. undervalued currency • c. economic downturn • d. high inflation • e. time-lag between jobs

  20. 4. Cyclical unemployment is caused by • a. time-lag between jobs • b. economic downturn • c. undervalued currency • d. high inflation • e. skills mismatch

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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

  26. 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

  27. 8. In the United States, the natural rate of unemployment is approximately • a. 2% • b. 15% • c. 0% • d. 10% • e. 5%

  28. END OF QUIZ

  29. Video Tutorial on UNIONS: • ECONOMICS USA: Program #9 LABOR AND MANAGEMENT (30:00)

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