Using the economic concepts that explain differences in wages, discuss any three
ID: 1238826 • Letter: U
Question
Using the economic concepts that explain differences in wages, discuss any three of the following points. Post your response to each of the three points separately.Why does a chief executive earn more than a rocket scientist working for NASA?
Why does a teacher earn less than a firefighter?
Why does a union electrician earn less than a non-union electrician?
Why does a white male earn more than a white female with the same level of education?
Why does a movie actress like Angelina Jolie earn more than a movie actress from the 1940s?
Explanation / Answer
A chief executive earn more than a rocket scientist working for NASA because of his higher position, efficiency and revenue generation ability for the firm.
A teacher earn less than a firefighter because a firefighter is compensated for higher risk taking.
A union electrician earn less than a non-union electrician because of trade union protection of labor rights and wages.
A white male earn more than a white female with the same level of education due to employer discrimination based on the basis of gender.
A movie actress like Angelina Jolie earn more than a movie actress from the 1940s because of the revenue generating capacity of the movie industry as a whole in present times as well as that of Angelina Jolie.
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