Ch. 6 notes
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This 4 page Class Notes was uploaded by Jocelyn Norfleet on Tuesday September 29, 2015. The Class Notes belongs to FCS 103 at Illinois State University taught by Donald Meyer in Fall 2015. Since its upload, it has received 29 views.
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Date Created: 09/29/15
Chapter 6 The Consumer as a Wage Earner Human Capital Skillsabilities humans have to produce goodsservices from other resources 0 What one earns depends largely on value of their contribution to production based on 0 intelligence 0 competence o aptitude o demand 0 Develop aptitudes through 0 education 0 job experience 0 training 0 Investment 0 Act of giving up something of value at present to enable receiving something of greater value in the future 0 Buy quotstocksquot in hopes that you will get it back with additional value 0 Educational costs tuition fees books roomboard time transportation 0 Does it guarantee a higher income 0 Education and Annualized Mean Earnings for Full Time Workers 18 and over 0 Yea QMae oFema Q Earni e i m LIT m M m M m mean m 1 o 9 9 2600 o20800 Q Q m E 0 Co 9 3806 o29796 mp1 4 0 So 9 4461 o34164 Ci e e o Bac 9 7254 o54236 m 0 r s D o AdeEarnings Pro le 0 How your earnings change with age 0 Young earnings are lower 0 Earnings increase as you get older More productive and work longer hours gradually declines o o o o o o lt H As B o o o o o 1 2 31 4 o o o o o 2 3 48 6 o o o o o 3 4 57 8 o o o o o 3 4 60 9 o o o o o 4 4 58 9 o o o o o 3 5 53 7 o Monev Income Total Amount of actual you receive per week month or year Census Bureau tracks average starting salaries by degree 0 Psychic Rewards the satisfaction derived from work or occupation Of course it is more than how much you make What is important to you 0 Helping others Making a difference in your community enioying what you do Where you get to live Appreciating the working conditions Seeing results OOOOOO o Nonmoney Income Goodsservices available as part of a position on top of monetary bene ts to make our lives more comfortable Examples 0 Goods produced at home garden rewood clothing 0 GoodsServices quotfurnishedquot car housing food Fringe bene ts health insurance vacation pay sick leave life insurance dental 2030gtsalary 0 Services provided provided to family unit lawn mowing laundry cooking child care free up income or prevent expenses 0 Implicit pleasurefrom quotowned39 item value of renting out home antiques heirlooms o Barter income trade lawn mowing for vacation pet care share children39s quothand me downs scoop snow for dinner etc 0 Social income public amenities available perhaps because of where you live parks libraries recreation schools re police 0 Gender and lobs Before 1950 Americans felt quotwoman s place is in the homequot Since 1960 female work force more than doubled Today over 3 out of 4 women hold jobs 0 Protecting the Workforce table 67 discrimination civil rights age pregnancy health and safety OSHA Labor Relations Social Security disability HMO FMLA hours and wages Fair Labor Standards Equal Pay Age Discrimination Consumer credit termination Social Security Health Insurance portability COBRA Unemployment unions Labor Relations whistleblowing military leave Othercredit reports employing minors veteran rights 0 ln a on Sustained rise in the weighted average of all prices US Bureau of Labor tracks quottvpical market basketquot to see what is happening to pnces 0 Consumer Price Index A price index based on a representative market basket of o 4 00 products goods and services 0 foods clothing automobiles homes rents household supplies medical care sports equipment legal services transportation utilities Determine what part of income is typically spent each time and how often an item is purchased Calculated monthly from 18000 households 24000 retail stores 85 urban areas Not a perfect system but best measure we have Some products were not available when the CPI began making living comparisons dif cult 0 Real values Dollar Values that have been adiusted for in ation Similar to our discussion about quotrelativequot value Real values are adjusted for in ation httpwwwblsgovdatain ationcalculatorhtm o o o
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