Question

T/F/U. Some individuals earn le ss money than other individuals doing the same job because of discrimination. In your answer, e xplain why free market theoretically would/would not allow dis crimination. Additionally, if wage gaps aren ’ t attributable to discrimination, explain what alternative variables describe this discrepancy. If wage gaps are attributable to discrimination explain the variables that could be biased

Answer 1

The statement above is true.

Free market is an economic system in which prices are determined by unrestricted competition between privately owned businesses.

A free market is an idealized system in which the wages for workers are determined by the open market, in which the laws and forces are free from any intervention by a government,price-setting monopoly, or other authority.

Some individuals earn le ss money than other individuals doing the same job because of discrimination refers to wage discrimination.

Thus a free market would not allow this kind of discrimination.

Alternate variables describing this discrepancy:

1. Education:

In only a minuscule amount of executive positions in academia do women hold more than half of the jobs, and these positions tend to be found in areas typically seen to be female dominated, such as human resources, libraries, public relations and student affairs.

The further up the chain you go, the fewer women hold positions. Whereas middle management and department heads are frequently female, the most senior positions are dominated by men. University presidents, for example, are overwhelmingly male – women make up less than a third of these positions. For CIOs and CAAs (chief information officers and chief athletics administrators), the proportion is less than a fifth.

2. Experience

3. Industry

4. Occupation

5. Union Status