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Career and Financial Management Workplace Types and the Economy Lesson Objectives 1.Compare and contrast workplaces types. 2.Define economy and describe how individuals and businesses impact the economy. 3.Evaluate the business cycle and determine its impact on employment. The Workplace Workplace: where work is done Each job has a specific workplace Each workplace has its own “culture Formal vs. Informal Attire, Behavior, and Interactions Formal Workplace Attire Suit or dress Uniform Interactions Serious environment Limited laughing and joking with co-workers Behaviors On-time – set schedule Follow strict rules Informal Workplace Attire Casual Interactions Relaxed with boss or co-workers Behavior Work hours often flexible Fewer rules The Workplace Each workplace is different Depends on the work being done and the workers Workplaces can be different within the same job A job that fits your interests and skills helps you feel comfortable in your workplace The Bottom Line The Workplace Formal Attire Interactions Informal Behavior Attire Interactions Behavior What is the Economy? Economy: the way goods and services are produced, distributed, and consumed in a society Strength of the economy depends on the balance of production and consumption of goods and services A Strong Economy Individuals and businesses depend on one another to have a strong economy BUSINESSES INDIVIDUALS Produce Goods Provide Labor Pay Workers Buy Goods & Services A weak economy can lead to Recession Depression A Balanced Economy Payment of Wages BUSINESS $ Payment for Products & Services WORKERS The Economy & Interest Rates Interest Rates: reflect the cost of borrowing money HIGH INTEREST RATES LOW INTEREST RATES More expensive to borrow money Less expensive to borrow money Decrease in spending Increase in spending The Bottom Line Relationship between workers and businesses Balanced Imbalanced Strong Economy Weak Economy JOB GROWTH The Business Cycle TIME Business Cycle Changes What causes the changes in the business cycle? Major Events Stock Market Crash Olympic Games Cost of oil and products from other countries Cost of products sold in the United States Downturns in the business cycle When the business cycle changes, specific industries are directly affected Homebuilding Unemployment Additional Causes of Unemployment Reduced demand for job New inventions & technology Typewriter Seasonal repair Work Changes in season or weather Lifeguard Job Security Job security: freedom from fear of losing one’s job High job security Police officer Nursing Government Official Low job security Construction Salespeople Management What can you do? If you are at risk of becoming unemployed: Be aware Plan ahead Save money Additional education The Bottom Line Employment Employed • Growth in the business cycle • Increased demand • High job security Unemployed • Decline in business cycle • Reduced demand • Seasonal work Workplace Types and the Economy “Who is counted as unemployed?” List the three qualifications required for a person to be classified as unemployed. 1. 2. 3. What activities can a person participate in to be considered “actively looking” for a job? Why do you think the government is concerned with the definition of unemployment? If you could change the definition, would you? If so, why? Justify your responses. Workplace Types and the Economy Consider the different types of workplaces in which people work. Describe your ideal workplace and why you selected that workplace. In your description, include the different workplace factors discussed in the lecture (formal v. informal, attire, behavior, interactions) Workplace Types and the Economy “Who is counted as unemployed?” List the three qualifications required for a person to be classified as unemployed. 1. cannot have a job 2. must have actively looked for work in the last four weeks 3. must be available to work Workplace Types and the Economy What activities can a person participate in to be considered “actively looking” for a job? A person can actively search for a job by doing any of the following: contact employers, employment agencies, friends, relatives, employment centers; sending out résumés and filling out applications; placing or answering advertisements; checking union and professional registers. Workplace Types and the Economy Why do you think the government is concerned with the definition of unemployment? If you could change the definition, would you? If so, why? Justify your responses. Student answers will vary, but students should discuss the government’s definition of unemployment and how they feel it works and does not work. Workplace Types and the Economy The basic concepts involved in identifying the employed and unemployed are quite simple: People with jobs are employed. People who are jobless, looking for jobs, and available for work are unemployed. People who are neither employed nor unemployed are not in the labor force. http://www.bls.gov/cps/cps_htgm.htm Workplace Types and the Economy Consider the different types of workplaces in which people work. Describe your ideal workplace and why you selected that workplace. In your description, include the different workplace factors discussed in the lecture (formal v. informal, attire, behavior, interactions) Student responses will vary, but should display an understanding of formal vs. informal workplaces and other factors that need to be taken into consideration when selecting a workplace. Students should be thoughtful and reflective in their responses, using complete sentences and proper grammar.