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WORKERS AND WAGES

WORKERS AND WAGES. CHAPTER 9. A. SUPPLY, DEMAND AND WAGES. 1. Wages are determined by supply 2. Wages – the prices businesses pay for labor 3. Labor force - people 16 yrs or older who are employed or looking for work

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WORKERS AND WAGES

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  1. WORKERS AND WAGES CHAPTER 9

  2. A. SUPPLY, DEMAND AND WAGES 1. Wages are determined by supply 2. Wages – the prices businesses pay for labor 3. Labor force - people 16 yrs or older who are employed or looking for work 4. Those who choose not to look outside the house for work are not part of the labor force 5. Demand by businesses - they want to hire a certain number of workers

  3. B. DEMAND AFFECTS LABOR 1. As demand for products decreases, so does the need for workers 2. When demand is high = demand for labor is high 3. Electronics and medical aid are growing industries so demand is high for workers in those areas

  4. C. EDUCATION AND SKILLS 1. In some industries, wages are lower since there are so many people who are qualified to do the work. 2. A large labor supply for an industry tends to mean lower wages for workers 3. When there isn’t many people who are qualified for certain types of jobs, the wages for those jobs will be high 4. Median income = half the population earns more than the listed income, half earns less

  5. WAGES AND EDUCATION PROFESSIONAL $100,000 DOCTORATE $ 78,400 MASTER’S $ 67,500 BACHELOR’S $ 55,800 MEDIAN INCOME US $ 49,446 ASSOCIATE’S $ 38,200 SOME COLLEGE $ 35,800 HIGH SCHOOL GRAD $ 33,000 SOME HIGH SCHOOL $ 22,400 Source: U.S. Census Bureau, Current Population Surveys – Median Figures 2010 - 2011

  6. HOURLY WAGE AVG. PROFESSIONAL $ 49.01 DOCTORATE $ 38.43 MASTER’S $ 33.09 BACHELOR’S $ 27.35 ASSOCIATE’S $ 18.72 SOME COLLEGE $ 17.54 HIGH SCHOOL GRAD $ 16.17 SOME HIGH SCHOOL $ 11.00

  7. WAKE UP CALL….. • IF YOU WERE TO MAKE THE MINMUM WAGE IN CALIFORNIA, STARTING WAGE IS $8 PER HOUR. • IF YOU WORK 40 HOURS A WEEK = $320 PER WEEK • IF YOU WORK 2000 HOURS A YEAR = $16,000 A YEAR!!! YIKES! AFTER TAXES AND DEDUCTIONS, YOU WILL RECEIVE ROUGHLY $990 A MONTH to spend on ALL of your bills!

  8. AS YOU CAN SEE…. AN EDUCATION IS………. IMPORTANT!

  9. AVERAGES ……. • Teacher - $59,825 (Cal) $44,672 (Ariz) $4,875/ mo $3,723 /mo • House - $500,000 (Cal) $ 300,000 (Ariz) • 30 YR payment - $2,800 mo (Cal) $1,600 mo (Ariz) • Electricity - $75 / mo (Cal) $103 / mo (Ariz)

  10. D. PRODUCTIVITY AND WAGES 1. Workers who produce more per hour tend to earn more 2. Productivity - the amount of goods or services produced in a given period of time 3. Capital resources cane help productivity - computers help workers produce more 4. Capital resources can hurt when they replace workers - robotics / automation 5. Workers must be willing to learn new skills as technology changes

  11. E. MINIMUM WAGE 1. The minimum wage law has been created to protect workers 2. Federal minimum wage 2013 = $7.25 per hour 3. State minimum wage 2013 = $8 per hour 4. It is against the law to pay people less than the minimum if they are legal citizens of the US

  12. QUICK ASSIGNMENT • You make $19 an hour and work 160 hours a month • You only get 80% of your monthly salary after taxes • Your expenses: • $1000 a month for rent (2 bedroom, 1 bath house) • $ 80 a month for electricity • $ 25 a month for garbage • $ 30 a month for water • $ 100 a month for cell phone • $ 56 a month for cable • $ 600 a month for food and essentials • $ 200 a month for car insurance • $ 150 a month for car payment • $ 75 a month for clothes • $ 100 for entertainment / fun FIGURE OUT HOW MUCH MONEY YOU HAVE LEFT AFTER ALL EXPENSES TO PUT AWAY INTO SAVINGS!

  13. ANSWER: You make $3,040 a month After taking 20% out, you have $2,432 After all your expenses are paid, you would have only $16 to put into savings!!!

  14. Any changes? • Now, can you make any changes without removing any items in order to save up money?? • Think about rent…… • Think about car stuff……

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