UNEMPLOYMENT AND FULL EMPLOYMET

UNEMPLOYMENT AND FULL EMPLOYMENT The world, man by himself hardly produces anything. Even the primitive man needed some elementary tools like the bow and the arrow to engage in hunting or the earning of his livelihood. With the growth of technology and...

PROBLEMS AND APPLICATIONS

PROBLEMS AND APPLICATIONS 1. The Bureau of Labor Statistics announced that in January 2006, of all adult Americans, 141,481,000 were employed, 4,209,000 were unemployed, and 78,463,000 were not in the labor force. Use this. information to calculate: a. the adult...

QUESTIONS FOR REVIEW

QUESTIONS FOR REVIEW 1. What are the three categories into which the Bureau of Labor Statistics divides everyone? How does the  compute the labor force, the unemployment rate, and the labor-force participation rate? 2. Is unemployment typically short-term or...

CONCLUSION

CONCLUSION In this chapter, we discussed the measurement of unemployment and the reasons economies always experience some degree of unemployment. We have seen how job search, minimum-wage laws, unions and efficiency wages can all help explain why some workers do not...

HENRY FORD AND THE VERY GENEROUS $S-A-DAY WAGE

HENRY FORD AND THE VERY GENEROUS $S-A-DAY WAGE Henry Ford was an industrial visionary. As founder of the Ford Motor Company, he was responsible for introducing modem techniques of production. Rather than building cars with small teams of skilled craftsmen, Ford built...

WORKER EFFORT

WORKER EFFORT A fourth and final type of efficiency-wage theory emphasizes the link between wages and worker effort. In many jobs, workers have some discretion over how hard to work. As a result, firms monitor the efforts of their workers, and workers caught shirking...