chapter+9

Chapter 9.1 outline
 * labor force- all nonmilitary people who are employed or unemployed
 * 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
 * contingent employment- a temporary or part time job
 * The bureau of labor statistics (bls) tracks trends in the labor market.
 * these trends include the movement toward a service economy, the hiring of more college graduates, women, and temporary employees, an overall decline in real wages, and rising costs for employee benefits.

Chapter 9.2 1-4 pg. 226
 * 1) Without supply and demand there wouldn't be a need for any workers. A laborer who is making a nonessential product might not keep the job if there are no customers.
 * 2) A) when the demand for workers is low and the supply is high then those workers will be getting paid a lot more. B) then they would get paid a lot less.
 * 3) Skilled labor are jobs like welders and a professional is someone who works in an office and runs numbers all day.
 * 4) minimum wage put a limit to how low people can get paid and safety laws make it so if the job is dangerous they should get paid more.

Karl Marx outline
 * earned a doctorate at the age of 23
 * couldn't find work as a teacher and was forced to flee paris
 * published the communist manifesto in 1848
 * expelled out of germany in 1849
 * much of his work concerned economics
 * claimed that human labor is the source of all added value.