Question

Using the information in the book regarding compensating differentials and levels of education as a starting point; go online or use your personal knowledge to discuss the wage of a given profession. Why does the profession demand the wage it does? What are the non-wage job characteristics? What kind of education does a person need to do the job? Are there are other forces in effect that drive the wage? How is the wage related to the revenue the position can earn for a firm? Be creative and make connections beyond the obvious.

(Mininum 250 words)

Answer 1

Money losses value over time. If you want to buy a product probably you need money this is basically why employees demand wages for their profession and also they demand money for their skills . With our nobody can leave in this world.
Non wage job characteristics include employer provided health insurance,flex flex hours, employer provided retairment benefits, paid vacation,risk of injury or death, occupational choice
For example the job may require a high school diploma , college degree or a graduate degree. The employer will list the educational requirements for the job in the job posting. In some cases related work experience known as equivalent experience ,may be substituted for some or all of the educational requirements
The other forces in effect that drive the wagea are ability to pay, demand and supply, prevailing market rates,cost of living, bargaining of trade unions, productivity, government regulation, cost of training
Salary range generally has a minimum pay rate,a maximum pay rate and a series of mid range oppertunities for pay increasses .The salary range is detrdeterm by market pay establish through market pay studies for people doing similar work in similar industries in the same region of the countries

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