Us Labor Force

Slide 1: T U Labor Force he .S. U 9: Business & Labor nit

Slide 2: Labor Force • --includes all people who are at least 16 years old and are working or actively looking for work. • ...before entering the labor force, most people consider all or most of the following things:

Slide 3: Wages • the hourly, weekly, monthly, or yearly pay that a worker receives in exchange for his or her labor. the most important factor, for some people. • many potential workers, few jobs =low pay high pay =few potential workers +high demand for job

Slide 4: An Economic Mystery C of State C of Private O ost ost pportunity Opportunity Year College C ollege C (State) C )Private) osts osts 1 $12,000 $35,000 $23,000 $23,000 2 $12,500 $36,000 $23,000 $23,000 3 $13,000 $37,000 $23,000 $23,000 4 $13,500 $38,000 $23,000 $23,000 Total $51,000 $146,000 $92,000 $92,000

Slide 5: Education & Salary,

Slide 6: Minimum W 1938-2008 age,

Slide 7: Skills • Education, experience, and abilities all affect your skills and help determine what jobs you are eligible to hold. skill level C limit the supply of workers AN • more skills required =fewer qualified workers • less skills required =more qualified workers • low skilled occupations offer lower wages

Slide 8: Working Conditions • Federal & state laws carefully regulate health & safety concerns such as noise levels and cleanliness • M high-risk occupations compensate workers for ost dangerous or hazardous working conditions

Slide 9: Location H igher wages are offered for jobs in remote or distant locations to make up for isolation

Slide 10: Intrinsic Rewards • Non-monetary reasons for working at a particular job M include things such as pride, satisfaction, status, ay prestige, or respect • M be willing to accept a lower salary to gain intrinsic ay rewards

Slide 11: Market Trends • Consumers’ demand for goods & services creates a demand for the labor to meet the demand--d e rive d d e mand