Ch 64: HiSET: Labor & Consumer Issues

About This Chapter

Labor and consumer issues that include unemployment factors are looked at in this chapter. The various topics are covered by our professional instructors in engaging video lessons.

Labor & Consumer Issues - Chapter Summary

Learn about the collective bargaining process, unemployment and compensation as you move through the chapter's lessons. Your comprehension of each lesson can be quickly tested through the available self-assessment quizzes. Topics in the chapter include the following:

  • Employee compensation types and components
  • How the unemployment rate is defined and measured
  • The natural rate of unemployment
  • Why the unemployment rate fluctuates
  • Cyclical, structural and frictional unemployment

The short videos included in this chapter communicate the major points of each concept through entertaining animations and illustrations to increase your understanding of the material. The video tags can be used to quickly move between different video segments while you're studying.

HiSET Social Studies Objectives

HiSET is a high school equivalency exam offered in several states that covers five subareas. The HiSET Social Studies subtest evaluates your knowledge across numerous areas that include economics, geography, history and government. Graphs, tables and passages are among the resources that may need to be referenced on the test to answer questions. The exam consists of 50 total questions that are multiple-choice. This chapter discusses all the information concerned with labor and consumer issues that you'll be asked about on the economics portion of the test, where you'll find 18% of the total exam questions.

6 Lessons in Chapter 64: HiSET: Labor & Consumer Issues
Test your knowledge with a 30-question chapter practice test
Understanding Employee Compensation

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.

Function of Collective Bargaining

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.

Defining and Measuring the Unemployment Rate

3. 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.

Why the Unemployment Rate Decreases and Increases

4. 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.

Three Types of Unemployment: Cyclical, Frictional & Structural

5. 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.

Natural Rate of Unemployment: Definition and Formula

6. 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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the HiSET Social Studies: Prep and Practice course