Explain the importance of labor productivity to individuals, firms, and nations
by explaining how labor productivity affects income, production costs, and
national standards of living.
Define labor productivity, and identify basic factors (technology, education
and training, specialization) which affect productivity.
Explain how increases in labor productivity improve wages and standards of living.
Explain that creating new capital goods or investing in education and training
involves a trade-off of fewer consumer goods or services in the present in return
for higher future labor productivity.
Explain and give examples of economies of scale.
Explain ways that employers and employees have worked together to improve
business productivity.
Compare and contrast labor productivity trends in the United States and other
developed countries.
Demonstrate how government expenditures, regulations, and tax policy can
influence labor productivity.
Compare and contrast how market and nonmarket forces (such as union activity)
influence wage rates.
Sample Student Activities/Projects:
Compare gold coins of the past with paper dollars today. Analyze problems
caused when the market value is greater than the face value of coins.
Participate in a check writing exercise tracking the steps in check clearing.
Compare checks to credit cards. Write an essay on the future of money.
Graph changes in inflation during the past 30 years in the U.S. Analyze
correlations between inflation and the growth of the money supply during the
same time period.
Make copies of advertisements from newspapers in the year students were born.
Compare prices of different goods and services. Discuss reasons for price changes,
such as increases in productivity, inflation, etc.
Use a telephone book to identify financial institutions in the community. Compare
and contrast financial services provided by these institutions.
Invite a business person, and an employee of that business, to explain ways
his/her firm has increased productivity.
Using data sources graph changes in United States farm and non-farm labor
productivity during the last 100 years. Identify correlations of labor productivity
and wages.
List five occupations previously performed by hand that are now mechanized.
How has this changed labor productivity and employment levels in these occupations.
List jobs necessary to produce a car. Analyze the training required for these jobs.
How does the training affect labor productivity?
Study a specific industry to learn what robotic techniques are used by that industry.
What is the effect on labor productivity, wages, and employment.
Using data sources, compare, contrast, and graph labor productivity levels of
different countries.
Compare and contrast the life expectancy, literacy rate, standard of living, and
gross domestic product of different nations. Discuss how labor productivity affects
these measurements.
Create a chart showing fiscal and monetary policies used to stabilize the economy
and the economic conditions they are designed to influence.
Collect newspaper or magazine articles concerning professional sports contract
negotiations. Discuss the effect collective bargaining has on a specific sport.
