SS10.E.8

Social Studies (2010) Grade(s): 12 - Economics

SS10.E.8

Explain the impact of the labor market on the United States’ economy.

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
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