About This Chapter
American Labor & Consumer Issues - Chapter Summary
Examine the basics of the America labor force, including the history of labor unions and the differences between cyclical, frictional and structural unemployment, through these video lessons. Additional topics covered in this chapter include:
- Employee compensation
- Labor unions
- Collective bargaining
- Consumer spending
- The unemployment rate
- Types of unemployment
Each lesson in this chapter includes a video, corresponding transcript and multiple-choice quiz that allows you to study at your own pace. You can also find a chapter test that covers topics from all the videos that can be useful for testing your understanding and determining when you're ready to move on to the next chapter.
1. Understanding Employee Compensation
Compensation is pay for services during the course of employment. This can be direct (or monetary) compensation and indirect (or non-monetary) compensation in the form of benefits provided to the employee.
2. Function of Collective Bargaining
The function of collective bargaining is to negotiate work-related issues. Bargaining or negotiating takes place between the employer and the employees. The employees are represented by a collective bargaining unit.
3. Spending Money Wisely as a US Consumer
This lesson explores steps necessary to become a wise consumer within the United States. It highlights the importance of a budget, the necessity of planning purchases, and how to protect yourself and your purchases.
4. Defining and Measuring the Unemployment Rate
You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.
5. Why the Unemployment Rate Decreases and Increases
Policymakers, investors, and consumers watch the monthly unemployment rate with great interest. In this lesson, you'll learn what factors influence the unemployment rate and why the rate can change rapidly from month to month.
6. Three Types of Unemployment: Cyclical, Frictional & Structural
If you've ever lost your job after the holiday season, you've experienced at least one type of unemployment. In this lesson, explore the three types of unemployment including cyclical, frictional, and structural using real-world examples.
7. Natural Rate of Unemployment: Definition and Formula
Explore the natural level of employment through the eyes of the Classical School and Keynesian economics, including fiscal policies that may reduce it.
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