Unpacked Content
Knowledge
Students know:
- The factors that affect labor productivity and wages.
- The factors that affect the supply of and demand for labor.
- How the Phillips curve reflects trade-offs between inflation and unemployment.
- The impact of demographics and regional specialization on wages and employment.
- The non-market factors that affect wages, such as discrimination.
- The overall economic impact of inflation and unemployment.
- The role of Alabama in the national and global economies.
Skills
Students are able to:
- Determine how certain factors impact wages and employment.
- Determine specific impacts on economic growth of inflation and unemployment.
- Use the Phillips curve to calculate trade-offs between inflation and unemployment.
Understanding
Students understand that:
- There are certain factors that affect labor productivity and wages.
- There are certain factors that affect the supply of and demand for labor.
- There are trade-offs between inflation and unemployment reflected on the Phillips curve.
- Demographics and regional specialization, as well as productivity, affect wages and employment.
- Non-market factors also impact wages.
- Inflation and unemployment negatively impact economic growth.
- Economic interdependence in Alabama impacts and is impacted by the national and global economies.
Vocabulary
- inflation
- unemployment rate
- labor force
- labor productivity
- Philips curve
- Misery index
- stagflation
