Friday, April 9, 2010
Students shall be able to
- Differentiate between nominal and real wages.
- List several factors that have led to a rising level of real wages in the U.S. historically.
- Explain and illustrate graphically how wage rates are determined in competitive and monopsonistic labor markets.
- Find the equilibrium wage rate and employment level when given appropriate data.
- List several methods used by labor organizations to increase wages and the impact each has on employment.
- Explain and illustrate graphically how both an inclusive (industrial) union and an exclusive (craft) union would affect wages and employment in a previously competitive labor market.
- Explain and illustrate graphically wage determination in the bilateral monopoly model.
- Present the major points in the cases for and against the minimum wage.
- Summarize empirical findings on how unions have affected U.S. wage rates.
- List three major factors behind wage differentials.
- Describe briefly salary systems in which pay is linked to performance rather than to time.
- Describe the negative side effects of poorly planned incentive pay plans.
Students shall complete activities 55-56 from the National Council on Economic Education's Advanced Placement Economics curriculum.
Complete activities 55-56 from the National Council on Economic Education's Advanced Placement Economics curriculum.
Study for test on Monday.
Monitor and adjust as necessary.