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Chapter 9

Published on Feb 03, 2016

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1.

Chapter 9

Workers and Wages 
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2.

wages

the price that businesses pay workers in exchange for labor
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3.

labor force

those 16 years or orlder who are eployed/looking for work
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4.

robot

an electronic machine that is programmed to do tasks on an assembly line
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5.

automation

the use of machinery, often computerized, in place of human labor
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6.

minimum wage

the lowest hourly amount of money a business can legally pay its workers
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7.

Who makes up the labor force?

Suppliers of labor make up the force (16 or older).
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8.

how does demand for goods & services affect the demand for labor?

  • When the demand for a good or service is high, then the
  • demand for for labor in that industry is also high.
  • The same thing happens when the demand is a good or
  • service is low.
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9.

What three things can affect wages?

  • education
  • skills
  • productivity
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10.

How can better capital resources affect labor?

  • If people get paid higher wages it could increase their
  • income as well as the production demand. 
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Onie Sam