The class worked in groups to first make predictions:
What if the need for workers (demand) grows?
What will be the effect on A) supply? (the unemployed) and B) cost? (wages)
Then the class read read the article: Job Growth Was Fantastic Last Month. So Why Aren't Wages Rising More? making marginal notes and considering the specific questions:
1) Are wages following the trends that traditional economics would suggest?
2) Given the quote: "The absence of meaningful gains in American workers' pay has been one of the lingering problems in the economy." Say why.
3)Given that inflation is the decrease in the value of money over time .... If there _is_ inflation, why is wage growth important to the economy?
What if the need for workers (demand) grows?
What will be the effect on A) supply? (the unemployed) and B) cost? (wages)
Then the class read read the article: Job Growth Was Fantastic Last Month. So Why Aren't Wages Rising More? making marginal notes and considering the specific questions:
1) Are wages following the trends that traditional economics would suggest?
2) Given the quote: "The absence of meaningful gains in American workers' pay has been one of the lingering problems in the economy." Say why.
3)Given that inflation is the decrease in the value of money over time .... If there _is_ inflation, why is wage growth important to the economy?
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