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DONNIA TRENTIRSCMAIN CAMPUS, TOMEU CENTER, GED, LAB 311FORT PIERCE, FL

Hello

WELCOME TO ELLUMINATE

What is Elluminate

Elluminate, Inc. is a web-based avenue for providing on-line classes in real time.

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SOCIAL STUDIES

1. World History2. U. S. History3. Civics and Government4. Economics (Workers & Consumers)5. Geography

WORKERS & CONSUMERS

DISCUSSION TOPICS

Labor and Wages Supply and Demand

Labor Unions

Consumer Spending and Debt

LABOR AND WAGES Sell our labor as workers - which we

are paid wages or earnings We work a certain number of hours and are

paid a hourly wage Use our wages or earnings to buy

goods and services – which makes us consumers Consumers determine the supply and

demand for labor based on their demand for goods and services

Question What are wages?

1) Cost of necessities2) Money invested in business3) The price paid for labor4) Dues paid by union members5) The balance carried on a credit card

LABOR AND WAGES

Is your hourly wage/ salary appropriate or competitive for your area.

You may use a salary calculator that will compare ‘position’ in a particular ‘location/city’

http://www.payscale.com/salary-calculator

LABOR AND WAGES

SUPPLY & DEMAND Example – if consumers want

restaurant meals and take-out food Then, the demand for food service workers

will increase

The supply of labor is also effected by geography, population figures, education, economy, etc.

LABOR UNIONS

Some industries, workers ban together to increase their power to negotiate:

fair and competitive wages, benefits, and working conditions.

Sometimes, This is done through Labor

Unions

Through a process called collective bargaining Representatives of the union (workers) and

management agree on pay and working conditions

Union and management make agreement & sign a contract for a set period of time

Examples – car industry, manufacturing industry, medical industry, etc.

Positive & Negative

LABOR UNIONS - CONTINUED

QuestionFor representatives of labor and

management to successfully negotiate a contract, what must they value most?

1) Financial benefits for the union2) Financial benefits for management3) Victory over an opponent4) The power to go out on strike5) The give and take of compromise

LABOR UNIONS - CONTINUED

CONSUMER SPENDING AND DEBT Workers are consumers Most consumers can not afford to buy

everything they want, must make choices Spending decisions depend on personal

preferences and prices Generally, buy necessities such as: shelter,

food, clothing, medical care, and utilities first Leftover income – buy luxuries (DVD players,

vacations, etc.) or savings or retirement

Consumers also make purchases by borrowing

This is called consumer credit

Question: What are some purchases (items) that you or

someone that you know have purchased on credit?

CONSUMER SPENDING AND DEBT - CONTINUED

EXAMPLES - CONSUMER CREDIT ITEMS Mortgages

Cars

Vacations

Business

Household Items Appliances, TVs, etc.

May be WISE to research item before purchasing at a site such as:

http://web.consumerreports.org/test/SEM/version2.htm?EXTKEY=SG72CR0&CMP=KNC-CROBRANDG&HBX_OU=50&HBX_PK=consumerreports.org

Most credit spending is done by credit cards Buy now, pay later, usually on a monthly

basis

Consumer pay a fee for this – monthly interest Unless entire balance is paid off Interest rates on credit cards tend to be

HIGH Many consumers carry high balance at

high rates

CONSUMER SPENDING AND DEBT - CONTINUED

Since your interest rates, on loans and credit cards, are determine by your credit, it is a good idea to pay close attention to your credit rating.

This rate is determined on how promptly or not so promptly you pay your bills.

You may order copies of your credit reports by visiting this website: www.annualcreditreport.com

CONSUMER SPENDING AND DEBT - CONTINUED

SUMMARY People work to earn a wage/salary With the wage/salary, we make purchases

This makes us consumers Labor unions exist to protect our wages

and benefits Collective bargaining between labors &

management Consumers must decide to make

purchase on CREDIT or by CASH

ELLUMINATE – SOCIAL STUDIES

Thanks for joining the Elluminate Classroom. We hope to see you again soon.

THANKS FOR JOINING THIS CLASS

Watch for other Elluminate Breakout ClassesM – TH; 11 A.M. and 7 P.M. dailyRL #8.6FL Stds: 02.05, 02.15, 02.15, 02.13

Donnia Trent, Moderatordtrent@irsc.edu