Chapter 9, Labor

Labor and the objectives of this chapter

   We will discuss  the occupational trends and how these issues helped lead to the election of President Trump

     a.   occupational trends the last 60 years  and how trends in labor market are tracked
     b.  changes in US labor market, and explain how it was reflected in 2016 and 2020 voting
    
9-1  Labor Market Trends (211-217)
Identify
discouraged workers
learning effect
screening effect
contingent employment
Answer 1,2, 5, 6 on page 217

9-2 Labor and Wages (219-226)  goals
   a. explain supply and demand in labor market  (are pro atheletes overpaid?)
   b. explain how discrimination is econoically inefficient and how it impacts wages
   c. examine why wages, working conditions, and benefits differ
Identify
productivity
equilibrium wage
unskilled vs. semi skilled labor
professional (white collar) labor
glass ceiling
featherbedding

Look at the flow chart (220), how does the outcome of the scenario effect cooks and restraurants?
Look at the equilibrium wage (221) on the chart. Why do stable wages mean stable restraurant prices?
Look at the chart on 223, which  job has a less elastic supply?  Why?
Answer questions 2, 3, 4, 6 on page 226

Read Karl Marx (227) answer questions 1 +2


9-3 Organized Labor  (228-234)
     a. Look at growth and decline of the US labor movement
     b. explain collective bargaining 
define
right to work law
white collar
blue collar
mediation
arbitration 
Answer questions 1, 2, 7, 8

Chapter 7

Chapter 7 objectives
Describe prices and output in a perfectly competitive market, does perfect competition exist today?
Why are monopolies formed? 
What is a differentiated competition?
 What is the difference between a pure and differentiated oligopoly?
What role should government play in regulating business? 
Do different market structures need different forms of regulation?

7-1 (150-154)
Define or give examples of
perfect competition
commodity
barrier to entry
start up costs
Answer questions #1-4 on page 154

7-2 (156- 164)
Define or give examples
Monopoly
economies of scale (explain the graph on 157)
natural monopoly
patent
franchise
price discrimination
market power

What business was mentioned in the fast fact (159)
What monopoly is shown on 160 map?  Why are these cities listed?
Why did marginal revenue fall on the demand schedule (161) when production increased from 10,000 to 11,000 doses of BreathDeep?
Look at 7.7 (162) at what output does a monopolist maximize profit?
Answer #1, 2,3,4 6 on page 164

Read the Bill Gates profile (165)  answer #2

7-3 (166-171)
Define or give examples of
Monopolistic/differentiated competion
non price competition
oligopoly
collusion
price fixing
cartel
Answer questions #1-6 on page 171

7-4 (172-
Define or give examples of
predatory pricing
antitrust laws
trust
merger
deregulation

What was National City Lines (172) and what did it do after WWII?
Answer questions #1-5,7 on page 176