1. Suppose that in the market for US meat packers, two things happen simultaneously: 1. Due to growth in less developed countries, the demand for US meat exports rises; and 2. Due to other job opportunities, fewer people find meat packing an attractive job.
a. Which curve in the labor market for meat packers (demand or supply or both) would be affected by those changes? Explain.
b. If there were no other changes in the market except those explained above, predict the impact of these events on the wages of meat packers. Explain.
2. Research current employment and unemployment statistics. What was the US unemployment rate last month? What was the unemployment rate in your county? Using the information from the powerpoint, what type(s) of unemployment do you believe is occurring in the US and in your locality? What sectors of the labor market are forecast to be the strongest in your region/locality? What advice would you give young workers who are preparing to enter the workforce in a few years?
3. Choose 2 of the following to discuss based on Chapter reading and the video on immigration. Discuss how immigration restrictions, discrimination or occupational licensing make the labor market less "perfect" from an economist's perspective. Do you have personal experience with either of the topics that impacts your perspective? If so, explain.