Sample Economics Essays On Labor Market

Homework Question on Labor Market and Unions in the Manufacturing Industry

  • Minimum 300 words; any 3 key concepts used from that chapter in bold; no spelling/grammar errors.
  • ALL parts of the Chapter question is answered Lesson 13 –  View the online video ‘United Steelworker’s Leo Gerard’.
  1. Based on this dated video [and your own research], what do you think will happen to the labor market and unions in the manufacturing industry in the next 10 years?
  2. Do comment on the failure of government to stem or avoid the 2007-2009 financial crisis and its impact on the automobile industry.
  3. Where do you think will the demand for labor be in the coming 10 years – service/retail sector, manufacturing sector, telecommunication sector OR green energy sector? Explain

Homework Answer on Labor Market and Unions in the Manufacturing Industry

  1. Labor unions are mandated by the law to represent workers in various industries such as manufacturing. The unions, therefore, solve disputes on behalf of their members and bargain for their welfare collectively. For several years, the labor market and its union representatives have been overwhelmed by political interference and other factors rendering them ineffective. However, the status quo has changed for the better, and it is evident from the current state of United Steelworkers union headed by Leo Gerard.
  2. Gerard has been able to lobby the government to make important labor agreements and halting of flooding illegal steel importation, and has facilitated rejuvenation of the key manufacturing sector that is depended on by most people in the middle-classes (United Steelworker’s Leo Gerard). I believe that in the next decade, the labor market will become more efficient through the work of the labor unions that is gaining ground in the country administration.
  3. The unions are obtaining more memberships and have engaged in vigorous fighting for the workers’ welfare; thus a possible more efficient labor market in 10 years.

Homework Help

Government failure was evident just recently, during the 2007-2008 global financial crisis that led to detrimental impacts in the local and global markets. One of the greatly affected sectors was the automobile industry linked with the massive increase in fuel prices. American automobile industry was the primary casualty; hence other companies outside the U.S took advantage to sell their cars in U.S due to creative marketing. The government then failed to bail the local companies that slid so fast.