Midterm Study Guide for MAN3240 I answered all of the questions he posted on Blackboard all 48 I used all of the articles that were for the questions and watched all of the videos posted for class The exam is October 27 30 and will have 33 40 questions Good luck everyone 1 What are the basic ideas presented in the Ripple Effect video What industries were mentioned as affected both directly and indirectly a The job hunt is very difficult and losing a job can lead to cutting back It causes a domino effect because as one person is laid off they cut their spending and the industries that they would have spent their money in are affected too Even though these industries are independent they are very interconnected b After the dad lost his job at a bank they went to restaurants less often Less people went to the bar so the bar tender doesn t need a dog sitter The restaurant doesn t need to buy as much meat so the meat company laid off some of their butchers and truck drivers 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 a Companies downsize move or outsource which causes many problems Everything seems good and then the economy takes a downturn When people have less money coming in they spend less and the change in the economy will eventually affect everyone people go to restaurants less the restaurants have less business and give less business to their suppliers etc The recession trickles down as everything is interconnected b More and more people are doing what they have to do to stay employed Sometimes that means sucking up sabotaging others etc 3 Have an understanding of the Foreclosure States Specially know which states are really bad high foreclosure and which ones are pretty good low foreclosure a The most foreclosures happen in Arizona Nevada California Utah Florida Georgia and Illinois Some of it has to do with property values banks people stretching themselves too thin and having a hard time getting money b The states that don t have really bad foreclosures are North Dakota South Dakota Mississippi West Virginia New Hampshire and Maine 4 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 a A bad economy can lead to tremendous changes to a family With just one person in the family being affected many changes can occur in the family such as significant drop in income arguing etc b The research shows that 50 believe that kids today will be worse off than their parents Fewer opportunities to get ahead fewer jobs and financial security and less expendable income after paying for expenses c People are working harder and harder just to stay even Everyone s a little harder on everyone during the recession 5 Know the specifics of the Flat Paycheck Recovery a But the jobs being created aren t like those we ve lost While 2 3 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 it s far below what most economists would expect at this stage of a recovery b Not increasing the money People just don t have as much money to spend The jobs we created aren t like the ones we lost Not hiring the good strong jobs back but we might be hiring the numbers Recently people are making 23 cents less than before 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 a Sometimes they don t hire people if they ve been unemployed for too long arguing that they have lost some job skills in the passing time Another factor is that they argue the people are overqualified b People have a hard time getting these jobs because they can only find part time jobs or can t afford to move where the work is c Other reasons that companies aren t really hiring people include trimmed a lot of fat in the past few years and got better at things i seem to be doing okay with what they have and don t need more people ii iii earnings may sound good but everything is relative iv uncertainty about a double dip recession v uncertainty from the Whitehouse vi uncertainty from hiring problems vii may be able to find it cheaper somewhere else d People don t hire or really spend money on anything in a recession or when there isn t a lot of money around 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 a Putting so much faith in work isn t a good idea need more faith in family Always thought they could have control over their work but the economy wouldn t let them 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 a Major points in the article the younger generation is worse off because the economy is riskier than before Lifetime earnings have also been getting less certain People have more debt and less liquid savings Heightened fear can hurt career and investment decisions for decades b Children s futures are uncertain because the structural changes in the economy have increased risk for future earnings which is a huge asset Technology and trade are leaving less people in the middle and making a stronger divide between people doing very well and people having a harder time The Great Depression scared a generation away from taking financial risk Younger people of this generation have felt this too and are less likely to invest in stock and deciding to hold more cash After the Great Depression people had the postwar boom in the economy that led to entrepeuneurialship which isn t the case now c 9 How has the recession caused American s anxiety to grow Overall how has the recent increase in economic strength affected most people Why a Many Americans think the recession exerted a permanent drag on the economy Now people are more negative towards the
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