Questions: B. Occupational Trends 1. The three basic sectors of the labor force are the sector, the sector, and the sector. 2. The manufacturing sector is shrinking as a result of international C. Changes in the Labor Force and Wages 1. Education leads to higher wages because of the learning effect and the effect. 2. The labor force includes growing numbers of women and workers. 3. The growth in workers' earnings is slowing, but are increasing. Section 2: Labor and Wages A. Effects of Supply and Demand 1. Most workers are paid based on the of what they produce. 2. The is what workers are paid when the supply of labor equals the demand for labor.

To address the questions related to occupational trends and changes in the labor force and wages, let's fill in the blanks based on established economic theories and labor market trends.

1. The three basic sectors of the labor force are the primary sector, the secondary sector, and the tertiary sector.

   • Primary Sector: Involves the extraction of raw materials (e.g., agriculture, mining).
   • Secondary Sector: Involves manufacturing and construction.
   • Tertiary Sector: Involves services (e.g., healthcare, education, retail).

2. The manufacturing sector is shrinking as a result of international competition.

   • Globalization and the rise of manufacturing in countries with lower labor costs have led to a decline in manufacturing jobs in more developed economies.

1. Education leads to higher wages because of the learning effect and the signaling effect.

   • Learning Effect: Education increases productivity and skills.
   • Signaling Effect: Education serves as a signal to employers of a worker's capability and potential.

2. The labor force includes growing numbers of women and older workers.

   • Demographic changes and increased participation of women in the workforce have contributed to this trend.

3. The growth in workers' earnings is slowing, but benefits are increasing.

   • While wage growth may stagnate, employers often increase non-wage benefits such as health insurance and retirement plans.

A. Effects of Supply and Demand

1. Most workers are paid based on the value of what they produce.

   • This refers to the concept of marginal productivity, where wages are determined by the additional value a worker adds to the production process.

2. The equilibrium wage is what workers are paid when the supply of labor equals the demand for labor.

   • At this point, the labor market is in balance, and there is neither a surplus nor a shortage of workers.

These answers are based on economic principles and labor market dynamics that are widely recognized in the field of economics.