Lesson 46 - unit 10

Question 1

What is the role of labor in the economy?

Answer 1

People earn income by exchanging work for salary and employers pay workers to make goods and services to make profit.

Question 2

How do businesses and labor depend on each other?

Answer 2

Business depends on labor to produce goods and services.
Labor depends on businesses to provide work.

Question 3

What is the definition of the labor force in the United States?

Answer 3

All people 16 or older who are employed or actively seeking work.

Question 4

Are women or men more numerous in the U.S. labor force?

Answer 4

Men.

Question 5

What are the terms used for the price of labor?

Answer 5

wages, salary, or pay.

Question 6

What is the term for the intersection of the labor supply curve and the labor demand curve?

Answer 6

Equilibrium wage and equilibrium quantity of workers highered.

Question 7

What is the term for the intersection of the labor supply curve and the labor demand curve?

Answer 7

The equilibrium wage and the equilibrium quantity of workers hired.

Question 8

What is the relationship between higher wages and hiring workers?

Answer 8

Fewer employees will be hired at higher wages.

Question 9

What causes change in labor supply?

Answer 9

1. Population growth
2. Age of the workforce
3. Changes in training possibilities
4. Changes in benefits
5. change in nature of workforce

Question 10

What are some reasons why a person decides to become workers or to work at a particular job?

Answer 10

1. desire for personal income
2. personal fulfillment
3. whether they need to work in a non paying context
4. What a person can earn
5. Need for additional school or training
6. desire for leisure time
7. whether they have non-labor income

Question 11

What increases the value of labor capital?

Answer 11

Training and education.