Chapter 12.1, Problem 1R

To determine

To explain the importance of the terms, Civilian labor force, Blue-collar workers, White-collar workers, Service workers, Unskilled workers, Semiskilled workers, Skilled workers, Professionals & Minimum wage law.

Explanation of Solution

• Civilian labor force:  It is important as it tells about the labor force or labor resource available so that the production of goods and services can be done. Lack of labor decreases the supply along with declined productivity.
• Blue-collar workers: They are of major importance as without them the company can’t expect higher profits as they are the source of production with higher efficiencies and optimum use of resources. Companies are required to appreciate such workers for their work so that they can work with more efficiency which can help in increasing the profits.
• White-collar workers: Such workers have huge importance as they hold the education and skill required for the development purpose of the industries. White-collar workers tend to make more money.
• Service workers: They help in satisfying the needs of the individuals directly. For example, providing a haircut, teaching, etc.
• Unskilled workers: They are of great significance as they do their daily tasks so as to increase the productivity of the firm which does not depend on the skills or the technical abilities of the workers.
• Semiskilled workers: They are suitable for the kind of work which does not require any specialized skill or training of advanced level, so they are of great importance for such kind of work.
• Skilled workers: They are highly significant as education and skills are the base of economic development. Such workers act as an asset to the industries with increasing productivity using modern technology, increased income and healthy competition in the market.
• Professionals: They are of major significance as being professional and holding specialized knowledge and skill empower not just the industries they are working in but the economy and society.
• Minimum wage law: This law is of major importance as it prevents worker or labor exploitation. It provides the workers with a minimum level of wages required for survival.