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Quiz - Page |1 Samuel A Cordeiro 00840894 Eco 101 8:00 AM...

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P a g e | 1 Samuel A. Cordeiro 00840894 Eco 101 8:00 AM Prof. Yves A. Isidor December 4, 2007 Quiz 7) Flexible labor markets do not make more jobs. A flexible labor markets includes several determining factors. Some of these include, flexible employment patters, ease and cost of hiring and firing workers, switch to shorter-term employment contracts, greater flexibility in pay arrangements, and increased locational flexibility. In explaining these terms, a flexible employment pattern includes both the flexibility of hours and skills that people are expected to offer at and within their place of work. The US employment laws make it much more difficult for employers to hire and fire workers this causes the costs of the employer to increase due to the modifications that need to be made to have equal positive distribution within the workplace. Greater flexibility in pay arrangements means that this can be seen in the expansion of performance related pay where some part of the total pay package is linked to productivity, company profits or other indicators of performance. In many industries there is some rationalization of pay awards so that payment can reflect differences in regional demand for and supply of labor. We all know that there is “that” kind of person in every workplace. Most of the time they are very easy to spot out and are very negative to people, the workplace in general, and policy. Then again, what are we to do for those that are unwilling? It’s a question that will never be
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P a g e | 2 answered. But in the case of flexible labor markets, they do not promote employment. Instead they denote employment from those who deserve or are better qualified. 8) Unemployment has been a problem throughout the United States since the beginning of our economic structure. In the most obvious sense, unemployment means "being without a job." The term unemployment is one description of the economic condition of a society at any given time. Low unemployment means the majority of the labor force is involved in, or looking for steady work. On the other hand, high unemployment is an indication of an economy in recession, or even worse. This implies that a sizable percentage of the labor force is not currently working. Until they actually start working again, they will be counted in government data as "unemployed". Unemployment is usually expressed as a number or as a percentage of a larger number. Although it has been ambiguous who has to be included in the percentage, there are members of society without a job, for whom it is certain that should not be added. Such people are children, pensioners, sick, institutionalized, as well as people, who are not currently looking for a job, such as parents choosing to stay at home to raise a family. Taking under consideration the above-mentioned circumstances, the economists' definition for the unemployed can be expressed as the following: 'Those of working age who are without work, but who are available for work at current wage rates.' Individuals who are at a working age but are not willing to work are considered to be unemployed as well.
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