MAN 3240 Exam 1 1 What are the basic ideas presented in the Ripple Effect video What industries were mentioned as affected both directly and indirectly When someone is laid off from his job the family stops eating out at restaurants when families stop going to the restaurant the restaurant suffers the waiters and the bartenders get fewer tips When the restaurant does not need as much food it cuts down on its meat orders There is a domino effect with unrelated businesses When someone loses his or her job it effects everyone in the economy Directly affected restaurants waiters and bartenders tips Indirectly affected meat suppliers 2 Understand how the recession has impacted social behavior at work Specifically know the research as related to sucking up increasingly demanding management and employee s perceived financial well being More than 70 of both men and women confirmed that the recession has significantly increased the stress levels of employees in recent months More than one half 55 reported that managements has grown increasingly demanding over this period More than 65 predicted significant job changes to occur within one year causing employees to grow progressively more concerned about job status 80 of employees reported being nervous about their long term financial well being basis backstabbing sucking up and politicking as a means to stay employed in the event of a layoff More than 60 were asked to find ways to cut costs on a weekly More than 40 of employees reported increased incivility 3 Have an understanding of the Foreclosure States Specifically know which states are really bad high foreclosure and which ones are pretty good low foreclosure Top seven high foreclosure states California Nevada Utah Arizona Low foreclosure states North Dakota South Dakota Mississippi West Illinois Georgia Florida Virginia New Hampshire Maine 4 Be able to discuss the research related to parents perceptions of their children s future Gazing into the future and The Satisfaction Gap 1 MAN 3240 Exam 1 Gazing into the future 50 of Parents think that children today will grow up to be worse off than people are today 34 say better off and 4 say the same The Satisfaction gap the of people that say they re satisfied with the way things are going in this country today All time high in 2000 2002 and has been decreasing until 2008 18 29 year olds are more satisfied than 30 year olds College costs and median family income median family income has stayed the same while college costs have risen tremendously over the years Median family income is at about 25 000 while college costs are above 150 000 graduation has grown Student Loan Burdens The average amount owed by students at 5 Know the specifics of the Flat Paycheck Recovery The jobs being created aren t like those we ve lost While two thirds of the jobs lost during the recession were middle income jobs about half of those created since have been in low wage sectors like tourism hospitality and retail sales What s more a greater proportion of them are temp positions than in recoveries past The result is that although wage growth has begun to pick up a little bit its far below what most economists would expect at this stage of a recovery In an economy that s 70 based on consumer spending that matters a great deal If people don t get paid more they won t spend more and that will hold back private sector growth Government shutdowns partisan politics and a global slowdown haven t helped much either 6 A number of reasons have been given for companies failing to hire more workers even though it may seem that they are in a position to do so What were the factors discussed Know the specifics as outlined Seem to be doing okay with what we have Trimmed a lot of fat in the past few years and got better at things Earnings may sound good but everything is relative Uncertainty Can I get it cheaper else ware Don t want to go through that again Fiscal who knows 2 MAN 3240 Exam 1 7 What was the general theme outlined in the Christian Science Monitor s article on job meaning How did people perceive the importance of work How were male and female participants different Nearly 40 of workers admitted the job was not as important to them now as it once was and 23 realized they had put it ahead of family and free time More than 70 of workers said most days at work it felt like the day would never end While men thought their job was not giving them what they thought it would and left them feeling stressed and like they were going nowhere women felt their job was taking them further and further away from family better life than they did 8 Have an understanding of the major points outlined in the attached article What are U S Children s futures uncertain as a result of the recession How do younger people of this generation compare to those who lived through the great depression 76 of Americans don t think their children s generation will have a The economy is riskier than it used to be The real median in earnings didn t increase in the last 20 years Change in technology and trade are hollowing out the middle class Previously parents could safely assume that their children had good shots at landing middle class lives The stakes are now higher and the risk of failure larger The fortune of the Depression s children were eventually bolstered by a wartime economy and postwar boom Millennials face no such relief on the horizon entrepreneurship but that s not happening either Downturns have historically pushed previous generations into 9 How has the recession caused American s anxiety to grow Overall how has the recent increase in economic strength affected most people Why 71 of Americans say they think the recessions exerted a permanent drag on the economy compared to 49 5 years ago They are more negative than they were 5 years ago Eroded confidence 42 have less pay and savings than before the recession began 7 say they are significantly better off The slow pace of improvement during most of the recovery has 3 MAN 3240 Exam 1 10 Read the Gender Wage Gap Myth article Describe the way that the information was calculated including any limitations in the way the final results were determined What are the reasons for women to celebrate The wage gap statistic doesn t compare two similarly situated coworkers of different sexes working in the same industry performing the same work for the same number of hours a day It merely reflects the median earnings of all men and women classified as
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