12.4 Students analyze the elements of the U.S. labor market in a global setting:

• Section 1. Understand the operations of the labor market, including the circumstances surrounding the establishment of principal American labor unions, procedures that unions use to gain benefits for their members, the effects of unionization, the minimum wage, and unemployment insurance.

• Section 2. Describe the current economy and labor market, including the types of goods and services produced, the types of skills workers need, the effects of rapid technological change, and the impact of international competition.

• Section 3. Discuss wage differences among jobs and professions, using the laws of demand and supply and the concept of productivity.

• Section 4. Explain the effects of international mobility of capital and labor on the U.S. economy.