Career and Financial ManagementWorkplace Types and the Economy

Lesson Objectives1.Compare and contrast workplaces

types.2.Define economy and describe how

individuals and businesses impact the economy.

3.Evaluate the business cycle and determine its impact on employment.

The Workplace Workplace: where work is done

Each job has a specific workplace Each workplace has its own “culture

Formal vs. Informal Attire, Behavior, and Interactions

Formal Workplace Attire

Suit or dress Uniform

Interactions Serious environment Limited laughing and joking with co-workers

Behaviors On-time – set schedule Follow strict rules

Informal Workplace Attire

Casual Interactions

Relaxed with boss or co-workers Behavior

Work hours often flexible Fewer rules

The Workplace Each workplace is different

Depends on the work being done and the workers

Workplaces can be different within the same job

A job that fits your interests and skills helps you feel comfortable in your workplace

The Bottom Line

The Workplace

Formal Informal

Attire BehaviorInteractio

nsAttire Behavior

Interactions

What is the Economy? Economy: the way goods and services

are produced, distributed, and consumed in a society

Strength of the economy depends on the balance of production and consumption of goods and services

A Strong Economy Individuals and businesses depend on one

another to have a strong economy

BUSINESSES INDIVIDUALS

Produce Goods Provide Labor

Pay Workers Buy Goods & Services

A weak economy can lead to Recession Depression

A Balanced Economy

Paymentof Wages

Payment forProducts & Services

BUSINESS WORKERS$

The Economy & Interest Rates

Interest Rates: reflect the cost of borrowing money

HIGH INTEREST RATES

More expensive to borrow money

Decrease in spending

LOW INTEREST RATES

Less expensive to borrow money

Increase in spending

The Bottom LineRelationship between workers

and businesses

Balanced

Strong Economy

Imbalanced

Weak Economy

The Business CycleJO

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TIME

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Less d

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Business Cycle Changes What causes the changes in the

business cycle? Major Events

Stock Market Crash Olympic Games

Cost of oil and products from other countries

Cost of products sold in the United States

Downturns in the business cycle When the business cycle changes,

specific industries are directly affected Homebuilding

Unemployment

Additional Causes of Unemployment Reduced demand for job

New inventions & technology Typewriter repair

Seasonal Work Changes in season or weather

Lifeguard

Job Security Job security: freedom from fear of losing

one’s job High job security

Police officer Nursing Government Official

Low job security Construction Salespeople Management

What can you do? If you are at risk of becoming

unemployed: Be aware Plan ahead Save money Additional education

The Bottom Line

Employment

Employed• Growth in the

business cycle• Increased

demand• High job

security

Unemployed• Decline in

business cycle• Reduced

demand• Seasonal work

Workplace Types and the Economy“Who is counted as unemployed?” List the three qualifications required for a person to be classified as unemployed. 1. 2. 3.

What activities can a person participate in to be considered “actively looking” for a job?

Why do you think the government is concerned with the definition of unemployment? If you could change the definition, would you? If so, why? Justify your responses.

Workplace Types and the EconomyConsider the different types of workplaces in which people work. Describe your ideal workplace and why you selected that workplace. In your description, include the different workplace factors discussed in the lecture (formal v. informal, attire, behavior, interactions)

Workplace Types and the Economy“Who is counted as unemployed?” List the three qualifications required for a person to be classified as unemployed. 1. cannot have a job2. must have actively looked for work in

the last four weeks3. must be available to work

Workplace Types and the EconomyWhat activities can a person participate in to be considered “actively looking” for a job? A person can actively search for a job by

doing any of the following: contact employers, employment agencies, friends, relatives, employment centers; sending out résumés and filling out applications; placing or answering advertisements; checking union and professional registers.

Workplace Types and the EconomyWhy do you think the government is concerned with the definition of unemployment? If you could change the definition, would you? If so, why? Justify your responses. Student answers will vary, but students

should discuss the government’s definition of unemployment and how they feel it works and does not work.

Workplace Types and the EconomyThe basic concepts involved in identifying the employed and unemployed are quite simple:

People with jobs are employed.

People who are jobless, looking for jobs, and available for work are unemployed.

People who are neither employed nor unemployed are not in the labor force.

http://www.bls.gov/cps/cps_htgm.htm

Workplace Types and the EconomyConsider the different types of workplaces in which people work. Describe your ideal workplace and why you selected that workplace. In your description, include the different workplace factors discussed in the lecture (formal v. informal, attire, behavior, interactions)

Student responses will vary, but should display an understanding of formal vs. informal workplaces and other factors that need to be taken into consideration when selecting a workplace. Students should be thoughtful and reflective in their responses, using complete sentences and proper grammar.