Study Questions Test 1 Management 3240 Fall 2014 Exam Week October 27 31 1 What are the basic ideas presented in the Ripple Effect video What industries were mentioned as affected both directly and indirectly http www youtube com watch v UMqyi6s41iE playnext 1 list PLC9904CA0CE2D115C feature results video Basic Ideas When one person loses their job there is a domino effect because that person spends less money out therefore the places they spent money at before are also affected and have to layoff their employees because they do not have enough money to support them Basically everyone is affected when people are laid off Industries mentioned A bank president was laid off so they stopped eating at their favorite restaurant that restaurant felt the hit of not getting as many customers so their employees had to cut back their spending because lack of tips The company the restaurant bought meat from also had to layoff butchers and drivers because weren t getting usual business 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 70 of people say they are more stressed at their job and significant job changes caused most employees to be nervous about their security in their jobs 40 of employees have become increasingly uncivil in hopes of staying employed backstabbing sucking up politicking 60 asked to cut weekly costs 55 say management has grown increasingly demanding over this period really bad high foreclosure and which ones are pretty good low foreclosure 3 Have an understanding of the Foreclosure States Specially know which states are High Foreclosure States Florida Georgia Illinois California Nevada Arizona Low Foreclosure States North and South Dakota Minnesota West Virginia People are over spending therefore in foreclosure Utah Mississippi Arkansas Be able to discuss the research related to parents perceptions of their children s future e g Gazing into the Future and The Satisfaction Gap 34 say their children will be better off 50 say their children will be worse off 4 say they will be the same and 12 don t know 18 29 year olds were 41 satisfied with the way things were going in 2010 while 30 year olds were only 26 satisfied in 2010 The satisfaction gap was at a peak between 1998 2002 4 5 Know the specifics of the Flat Paycheck Recovery Unemployment figures are creeping down reaching their lowest rates since 2009 3rd quarter GDP figures were revised up to a whopping 4 1 which means job growth will likely continue 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 The company seems to be doing okay with what they have trimmed a lot of 6 people in past few years and things got better earnings may sound good but everything is relative uncertainty in recession don t want to go through any bad employees again fiscal policies 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 During the recession people realized that they valued family over work and questioned if work was even necessary Males were more bitter about losing their jobs because they realized they sacrificed watching their kids grow up for a job they got laid off of while women realized that jobs were beginning to take up more time and energy making it harder to balance work and home life 8 Have an understanding of the major points outlined in the attached article Why 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 http www businessweek com articles 2014 08 19 the psychological damage of the recession is not going away 76 don t think their children will have a better life than they did Tyler Cowen argues that the changes in technology and trade are hollowing out the middle class making people either economic winners or losers with little people in between The Great Depression scared people away from taking financial risks similar to how the recession will scare millennials from taking future risks Depression children were eventually bolstered in wartime economy and post war boom but millennials have no such relief on the horizon 9 How has the recession caused American s anxiety to grow Overall how has the recent increase in economic strength affected most people Why http www businessweek com ap 2014 08 28 survey americans pessimism on economy has grown Subpar economic growth has caused American s to have increased anxiety because many are facing mortgage debt rick of layoffs and the fear that job security is nearly gone which will require them to work a part time job in retirement Economic strength has not helped most Americans The Standard and Poor s 500 stock index has surged 170 since it bottomed but only 14 of people seemed affected 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 http www forbes com sites realspin 2012 04 16 its time that we end the equal pay myth print Equal Pay Day EPD is the day celebrated that says women have earned enough money to make up last years wage gap between men and women EPD presumes the difference between men and womens average earnings Reasons to celebrate Women have increased leadership in business positions around the world technology has made job positions more flexible allowing parents the option to combine family and work and there will be an increase in women leadership because of education in the future 11 Allegedly how does the gender wage gap change over the course of one s career Know the trends The Gender Gap changes over ones career because of work experience career interuptions motherhood industry health benefits insurance development of human capital Women are getting closer and closer to closing and maybe exceeding the wage pay gap 12 Understand women s earnings as a percent of men s various characteristics Know the percentages across the various characteristics Married with Children ages 6 17 73 8 Married with Spouse Present 77 6 Total 82 2 Age 20 24 years 93 2
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