WED 466 UNIT TWO

Economic and Labor
Market Foundations

The major goals of workforce education are to prepare students and trainees for entry-level employment, assist unemployed individuals to reenter the workforce, and provide upgrading and retraining for employed workers. To accomplish these, workforce educators need an understanding of basic economic concepts in relation to domestic and international labor markets.

Objectives

Understands the economic and labor market foundations of workforce education.

Applies the economic concepts of supply and demand to high growth job training initiatives.

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1. Review vocabulary by using the glossary to define these terms and concepts.

Check your understanding -

Word Search

Flashcards

2. Readings, Media Resources, and Study Questions

Topic A: Basic Economic Concepts

Read text pages 57-76.

Play the learning game regarding basic economic concepts.

Review study questions.

Topic B: Labor Market Fundamentals

Read text pages 78-87.

See summaries at the Bureau of Labor Statistics (U.S. Department of Labor) website of the SOC and NAICS classification systems.

Review study questions.

Topic C: Workforce Projections

Read text pages 88-111.

See an excellent graphical presentation of ten major workforce trends developed by the Department of Labor entitled Working in the 21st Century.

Review the rationale and targeted industries of the President's High Growth Job Training Initiative.

Review study questions.

3. Chat Session

4. Unit Project