Ch.+9.1

Ch. 9.1 outline main ideas


 * labor force- all nonmilitary people who are employed or unemployed
 * The Bureau of Labor Statistics (BLS) provides answers to two important economic questions: how many people are in the labor force? How man are employed and unemployed at any given time?
 * The BLS provides information about historical trends
 * The U.S' economy has changed a lot since the land was discovered, from the agricultural times to now the machine age
 * In the North in the 1800s they gradually yielded the Industrial Revolution, by the early decades of the 1900s heavy manufacturing had become the power house of the U.S. economy
 * mid 20th century boon in electronics
 * List of occupational trends: A changing economy; fewer goods, more services; effects of international competition
 * Changing Labor force: In the past a high school diploma could get you a pretty good job, but as the years passed a diploma wasn't going to cut it so now more people are getting higher educations, college, universities, etc.
 * learning effect: the theory that education increases productivity and results in higher wages
 * screening effect: the theory that the completion of college indicates to employers that a job applicant is intelligent and hard working
 * from 1960 to 2000 the rate of women in the labor force went up from 38% to over 60%
 * contingent employment: a temporary or part-time job