Labour Force Trends

As modern day kids, we hear a lot of stories about the agricultural economy and how it was in demand. Families owned farms and maintained crops, the numbers have decreased and more people are going into the very popular industrial economy. 
The changing labour force that includes the women and college graduates very much affects the labour force. As the world becomes more and more advanced, women advance just as much. They have become more independent and some women are even the breadwinners of the family. The number of women in the work force has increased from about 38% to about 58%. 
College graduates contribute to the learning e

ffect, which is the theory that education increases productivity and results in higher wages. And the screening effect theory suggests that the effect is the theory that education increases. 
In regards to earnings, it is known that earning for college graduates have increases while earning for workers without a college degree have decreased. This is mostly because someone who is capable of receiving a degree is seen as more independent, intelligent, and trustworthy. Also, if you are more educated then you will likely be able to do more work in the field you have studied. If you do more work, you will get a higher salary because you are seen as qualified. 
When talking about supply and demand in the labour market, three definitions should come to mind. The labour demand, labour supply, and the equilibrium wage. The labour demand definition means that the higher the wage rate the smaller the quantity of labour demanded by firms and the government. Labour supply means that as wages increase, the quantity of labour supplies also increases. And finally the equilibrium wage is what does not produce an excess supply of workers nor an excess demand for workers in the labour market. It is found at the intersection of the demand curve and supply curve. 
The final thing being talked about today is wage and skill levels. The amount of skills vary from job to job. A doctor requires a lot more schooling to attain the skills rather than a waitress who just requires a day of orientation. There are four categories: Unskilled labour, semi skilled labour, skilled labour and professional labour. Unskilled labour refers to a job that requires no specialized skills, education, or training (waitress). Semi skilled labour refers to the jobs that need minimal specialized skills and education (fork lift operator). Skilled labour is a job that requires specialized skills and training (plumber), and professional labour is a job that demands advanced skills and education (lawyer).