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

Dec 4, 2018

Quiz on chpt 8 this week

Due next week

Chapter 4

4(1)  Understanding Demand  (79-
Define:
demand
law of demand
substitution effect
income effect
demand schedule
market demand schedule
demand curve

Look a figure 4.1  What does the law of demand say about lower prices?

Look at figure 4.2  What two effects does it show?

What two types of demand schedules are shown on figure 4.3?

Section 1 questions  Group_______________________

4(2)  Shifts in Demand Curve
Define:
ceteris paribus
normal good
inferior good
complements
substitutes

What is pictured on page 85?

Look at 4.6  What is shifting?

What inferior good is pictured on page 86?

What expectation pictured on page 87 changed demand?

What complementary goods are pictured on page 88?

Section 4(2) questions :  Group  _______________________

4(3)  Elasticity of Demand
Define:
elasticity of demand
inelastic
unitary elastic
total revenue

Read Global connections (91)  What caused a change in the Indian government in 1988?

Look at the picture on page (93) Which demand is inelastic and which is inelastic?  Why?

Look at the picture (94)  How are economic conditions reflected in the two car advertisements?

Look at the 4.8 revenue table?  At what individual price do you think a pizzeria could maximize its revenue?  Why? Remember complementary products to pizza.

Look at figure 4.9 (96) How does revenue signal elasticity?

Section 4(3) questions   Group  _____________________

Chapter 8 questions due next week (November 9)

Chapter 8 Business Organizations

Section :  Sole Proprietorships 185-188)
Identify:  business organization,
sole proprietorship,
business license,
zoning law,
 liability,
fringe benefit
Look at figure 8:1 (p. 186) What are the top three characteristics of  an entrepreneur?
Look at figure 8:2 (p.
What are the benefits and disadvantages of sole proprietorships?

Read Jerry Yang profile (189) answer question 1.  Are there any changes since this book was published?

Section 2:  Partnerships (190-193)
Identify:  partnership
general partnership
limited partnership
Limited liability partnership (LLP)
articles of partnership
Uniform partnership act (UPA)
Assets
 Look at 8:3 (191) What are the majority of the size of recipts and type of partnerships?
What is the point of the political cartoon on page 192?
Answer questions 5 and 6 on page 193.

Section 3:  Corporations, Mergers, and Multinationals (195-200)
Identify  corporation
stock
closely held corporation
publicly held corporation
bond
certificate of incorporation
dividend
horizontal merger
vertical merger
conglomerate
multinational corporation (MNC)
What are the advantages and disadvantages of corporations?
Answer questions 5,6,7 on page 200

Section 4: Other Organizations (201-204)
business franchise
royalty
cooperative
consumer cooperative
service cooperative
producer cooperative
nonprofit organization
professional organization
business association
trade association
Answer questions 7+8 on page 204

Week of October 15, 2018 Business Interview-

Economics interview project

Entrepreneurs are the backbone of American Capitalism.

Interview a entrepreneur/sole proprietor/ or a business manager.

Presentations due week of October 29, 2018

Only Requirement: DO NOT ASK WHAT THE PERSON EARNS/YEAR

PowerPoint / visual needed for presentation

Speak to an Entrepreneur,  Sole Proprietor, partner, or manager of a business

Name of subject interviewed

Name of establishment and how long it existed

How long has the person worked at the establishment?

Story behind the start up or the person getting involved in establishment

Type of investment in business-

      Physical and human capital, natural

      Fixed costs

      Variable costs

Target audience, how do they reach their customer? (advertisement…)

How do they expand their market share?

Seasonal and cyclical nature of business?

Any indicators of  the business cycle changing?

Employee expectations?

How do local, state or federal regulations impact business?

What type role can government play in helping your business?

What types of sacrifices had to be made to make a successful business?

What are the benefits of owning or managing a business?

Words of wisdom to someone looking to enter the field?

Economics class expectations

Classroom expectations

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%


Bring a good attitude, a binder, and something to write with in class every day.  You will lose class participation points if you make the phone the center of your class.

You will have on average about an hour of homework each week.
Honors students will present 10 economic current event/podcasts  per term.
CP1 students will present 8 economic current event/podcasts per term.



I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.