Commencement speech at the graduation ceremony

FINAL LEARNING OPPORTUNITY FALL 2011
INSTRUCTIONS: Please read the entire assignment before you begin.
This is an individual writing and learning opportunity. Plagiarism and shared solutions will receive a grade of a?Fa?. There will be no exceptions. The use of proper citations is required wherever appropriate. Remember effective communication is one of the keys to success.
. Please proof read your completed assignment before you submit. There will be penalties for poor quality work.
ASSIGNMENT:
You have been invited to deliver the commencement speech at the Collegeas 2011 graduation ceremony. Your audience consists of a diverse group of energetic young men and women from various disciplines, eager to find work and an opportunity to make a difference in society. Do they have hope? Can they be inspired to turn crisis into opportunity that promotes sustainable development, alleviates poverty and creates employment?

Using the economic theories, models and concepts that you learned in the Advanced Labor Economics course this semester, write a speech giving the young graduates a realistic picture of what they might expect on the job market in the near future. Use your knowledge and understanding of the issues related to labor economics to give them advice on how best they might be able to fulfill their dreams and aspirations in the current economic environment.

REQUIREMENTS:

Your speech MUST
a. Be creative, inspiring and persuasive
b. Your explanations must be clear, precise and in your own words
c. Include a brief explanation of at least 10 economic concepts from the list given below (See list of suggested economic concepts)
d. Apply economic theory using an appropriate economic model or models to address the current economic climate in the labor market. Some examples of economic models that we have discussed are Marginal Analysis, Marginal Productivity Theory of Labor Demand, The Theory of Labor/Leisure Choice, the Household Model of Labor Supply, A Bargaining Model of Family Labor Supply, a Model of Wage Determination, Economics Perspective and Firms decision rule to hire workers (MRP > MRC, MRP < MRC, MRP MRC), Minimum wage, Benefits and Costs of Immigration, Theory of wage differentials, Theory of Discrimination, Income Inequality, Union membership and collective bargaining, Poverty Alleviation, Economics perspective, Employment and Unemployment, Government policies to reduce unemployment, Human Values and Sustainability and the Microfoundations of demand and supply. e. Use graphs or statistics to strengthen your arguments f. Recommend appropriate economic policy to address job creation, economic growth, poverty alleviation, social well-being and sustainability. g. Include a list of references of all the sources that you used Suggested Resources: (You are not limited to these resources, you are encouraged to add your own) Watch the jumpstarting jobs videos /youthink.worldbank.org/multimedia/videos/jumpstarting-jobs How to Create a job jobs/index.html?irefallsearch Governments across globe struggling with immigration 12/20101212global-immigration-main.html No Jobs? Young Graduates Make Their Own 12yec.html?sqNo Jobs? Young Graduates Make Their Own&stcse&adxnnl1&scp1&adxnnlx1323500832-gRJVbiCHjZ1Ul6vGrZvT5A (cut and paste the url in the web browser) Who gets the best jobs? 05/11/four-workers-for-every-job-opening/?hp Employed Women, Dropping Out of the Labor Force Public Job Creation Unemployment who cards Suggested List of Economic Concepts: Marginal Analysis (scarcity, opportunity cost, rational behavior, marginal benefit, marginal cost, overemployment, underemployment, optimal allocation, economic efficiency, economic growth) Demand and Supply (excess demand, excess supply, market clearing, minimum wage, price ceilings, subsidies) Marginal Productivity Theory of Labor Demand (Derived demand for labor, marginal revenue product, marginal resource cost, marginal revenue, marginal cost, labor productivity, law of diminishing returns, elasticity of demand for labor, categories of elasticity of labor demand, determinants of the elasticity of labor demand, relationship between product demand and labor demand, technology and labor demand, productivity and labor demand, business cycles and labor demand), economics perspective and firms decision to hire workers (MRP MRC, MRP > MRC, MRP < MRC) Labor/Leisure Model of Labor Supply and the Household Model of labor supply (household choice, budget constraint, preferences, indifference curves, marginal rate of substitution, income effect, substitution effect, cross substitution effect, supply curve of labor, elasticity of labor supply Unemployment Rate, Full employment, Labor Force Participation Rate, discouraged worker, measurement and calculation of unemployment rate, labor force, types of unemployment frictional unemployment, structural unemployment and cyclical unemployment, rigid wages and efficiency wages, fiscal and monetary policy, human values and sustainability in the labor market. Premarket discrimination vs market discrimination, Theories of market discrimination a prejudice, market power and imperfect information, Discrimination in Training, promotion and labor market choices (women and minorities), The Glass Ceiling effect Benefits and costs of union membership, demand and supply model of union membership a demand for union services, determinants of demand for union services, supply of union services, determinants of supply of union services, equilibrium level of union services and the economics perspective (MB and MC approach to union membership), process of collective bargaining, outcomes of bargaining power, strikes and other sources of bargaining power such as consumer boycott, work-to-rule slowdown, corporate campaign tactics, methods of dispute resolution mediation, fact-finding, arbitration, legal framework of collective bargaining a National Labor Relations Act, The Taft-HartleyAct, The Landrum-Griffin Act, Public Sector Labor Laws, business cycle and unions, union effect on non wage outcomes a employee benefits, productivity and profits Gini Ratio, Lorenz Curve, Reasons for unequal income, causes for income inequality, poverty alleviation Benefits and Costs of Immigration