Chapter 9 section 1 Chapter 9 section 1

Tracking the Labor ForceTracking the Labor Force

The labor market can change in a good way or a bad way.

The BLS sends out surveys to every nonmilitary house hold to determine the labor force.

Employment Employment Economist consider people employed from

the age of 16 and old must meet the following requirements.

They worked at least one hour for pay with in the past week.

Worked for 15 or more hours without pay in a family business; such as a farm.

Held jobs but did not work due to illness, vacation, labor disputes, or bad weather.

UnemploymentUnemployment

Temporally without work or are not working but have looking for jobs within 4 weeks.

9.1 composition of the U.S. labor 9.1 composition of the U.S. labor forceforce

Total U.S. Population

Total civilian noninstitutionalized

U.S. Population

Total U.S. Labor

force

Nonlabor Force

Military institutionalized

Employed unemployed

Occupational Trends

Shits in job markets reflects major shits in the economy produces.

Fewer goods more services; production of services is increased faster than our production of goods.

The Changing Labor Force

In the 1950’s a typical worker had to graduate from high school and he would have a 40 hour job no problem. And would retire at 65.

Today people will have to go though 4-5 different jobs during is life and retire at 62 or earlier.

Temporary Workers

Flexible work hours Much easier to discharge Are paid less Preferred because of the hours of

flexiblity

Trends in Wages and Benifits

Employers used to be paid in wages, but now

Have benefits that include Health insurance; retirement funds;

year-end bouns and many more.

Chapter 9 section 1Chapter 9 section 1

Key TermsKey Terms Labor forceLabor force Learning effectLearning effect Screening effectScreening effect Contingent Contingent

employmentemployment

Economics: Principles in Action:

Chapter 9 Section 1 pages 211-217