The Labor Force

The video explores the concept of the labor force, defined by economists as all non-military people who are employed or unemployed. It discusses how the Bureau of Labor Statistics in the U.S. determines employment status and how technology and globalization have transformed the labor market. The shift from manufacturing to service jobs, the impact of outsourcing and offshoring, and the increasing importance of post-secondary education are highlighted. The video also covers recent labor market trends, including the rise of the gig economy and the need for adaptability in career planning.

What criteria does the Bureau of Labor Statistics use to consider someone employed in the United States?

• Being under 16 years of age

• Volunteering for a non-profit organization

• Being a full-time student

• Working at least one hour for pay in the past week

How did the Industrial Revolution impact the American economy in the 1800s?

• It caused a shift from agriculture to manufacturing.

• It increased the number of service jobs.

• It resulted in the outsourcing of jobs.

• It led to a decline in factory jobs.

What is the primary reason companies engage in offshoring?

• To increase the quality of their products

• To reduce costs by paying lower wages abroad

• To access a larger customer base

• To improve employee satisfaction

What does the learning effect theory suggest about education?

• It is only beneficial for certain industries.

• It increases production efficiency, leading to higher wages.

• It guarantees job security.

• It signals intelligence to employers.

What characterizes a gig economy?

• Full-time employment with benefits

• Freelance work and short-term contracts

• Jobs that require a college degree

• Permanent jobs with one employer