Chapter 9

 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 in 2016 

     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

Public goods and free riders/ the economics of President Trump

 

Public goods and free riders/ the economics of President Trump

 

Market Failures, Taxes, and Subsidies: Crash Course Economics #21

go to the link

https://www.youtube.com/watch?v=13JOGWzY8kE

How can free  markets and governments work together? 

1. Which would you choose: 2 or 6 points extra credit?  Explain your answer:  __________________________________________________________________________________________________________________________________________________________________________ 

2. Market failure occur when the free marked doesn't make adjustments for :_e_____________________ 

3.  The government may choose two options to deal with these market failures:

           a. regulatory _________________

           b. market based ________________

4. How does the EPA enforce its policies?  ___________________________________

5. Explain how Cap and trade helped to address the acid rain problem in the US?  _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 

6. What was the benefits to the cost ratio in the cap and trade  acid rain program? _______;________ 

7. Why is it so hard to address the climate change issue? __________________________________________________________________________________________________________________________________________________________________________ 

8.  Identify one point (a reaction or comment)  or question you still have with this video?

__________________________________________________________________________________________________________________________________________________________________________

Watch the Mr. Clifford AC/DC video on Public Goods and Free Riders 

https://video.search.yahoo.com/search/video;_ylt=AwrE1.D0xqVe2K0ATEJXNyoA;_ylu=X3oDMTEyc2Vwdm8yBGNvbG8DYmYxBHBvcwMxBHZ0aWQDQjk1MzVfMQRzZWMDc2M-?p=mr.+cliffords+acdc+economics&fr=mcafee#id=8&vid=f5be54d91c61a4ca533b53857123ed0a&action=view 

CP1 answer 5 of 6,  Honors 6 of 6
1. Who produces public goods?  Why did Republicans have a problem with President Obama's statement about who produces public goods?
2. Do Libertarians want more or fewer public goods?
3. What are the 2 things that make a good a public good?
4. Why doesn't the free market produce public goods?
5. What is a free rider?
6. Should the government step in to solve the dairy farmers problems due to Covid 19? Explain whether your answer would be more Democratic or more Libertarian.

the economics of President Trump

https://www.youtube.com/watch?v=_GrjO-oRQ5M

Chapter 12: GDP

 Chapter 12: Gross Domestic Product and Growth

 

12 (1)  p. 301 

1.   Identify: Gross Domestic Product, national income accounting, intermediate goods, durable goods, nondurable goods, real GDP, nominal GDP

2. Look at the chart on page 302.  How does the expenditure approach differ from the income approach?

3. List 3 facts about the underground economy (p. 305)

4. Answer questions #1-4 on page 308 

 

12(2) p. 310   

1. Identify:  the 4 parts of the business cycle, stagflation, leading indicators.

2. What does the graph on page 312 show

3. What does the Global connection on page 314 show the relationship between?

4. What does the green flag on page 316 show?

5. Answer questions 1-4 on page 316

 

Read the profile on Andrew Carnegie, answer questions #1+2 on page  317

 

12(3)  

1. Identify: capital deepening, real GDP per capita

2. How is capital deepening shown on the chart on page 322?

3. How does the fast fact on page 323 explain how innovations impact business efficiency?

4. Answer questions # 1-4 on page 324. 

 

Read How technology affected productivity

Answer questions 1+ 2 on page 325.