Warm-Up What are the four types of labor? Read pg 205-209 Define theory of negotiated wages and signaling theory. Describe the three different approaches to wage determination.
Feb 23, 2016
Warm-Up What are the four types of labor? Read pg 205-209 Define theory of negotiated wages and
signaling theory. Describe the three different approaches
to wage determination.
Critical Thinking What type of jobs are the most
important to our civilization? How much are these workers paid? Why are they paid these wages?
Standard: SSEF6b- Explain the significance of investment in education, training, and skill development.
Notes: Labor and wages
Economic Mystery Why do nurses , police officers,
firefighters and teachers receive salaries far short of the amounts paid to professional athletes? Do you believe this okay morally? Are our values wrong? Why or why not.
Labor Civilian Labor force: men and women 16
years of age and over who are either working or looking for a job
4 types: 1. Unskilled labor
2. Semiskilled labor3. Skilled labor
4. Professional labor
Unskilled labor Those who work primarily with their
hands because they lack training and skills required for other tasks.
Semiskilled Worker Workers with enough skills and
mechanical abilities to operate machines that require an amount of training
Skilled labor Workers who are able to operate
complex equipment and can perform tasks with little supervision
Professional labor Individuals with the highest level of
knowledge-based education and managerial skills
Level of Education required
Professional Labor
Skilled Labor
Semiskilled Labor
Unskilled Labor
Noncompeting Labor Grades Broad categories of labor do not
compete with each other because of experience, training, education, and other human capital investments
Wage rate A standard amount of pay given for work
performed. Differences in wages depends on :
1. supply and demand2. influence of unions
Homework tonight What job do you want? What level of education is required? Which labor category does it fit under?