TAILIEUCHUNG - EB_Hubbard_ph15_Eco5e_wm2

Find more at The Demand for Labor, page how firms choose quantity to The Supply of Labor, page how people choose of labor to Equilibrium in the Labor Market,.page how are determined in Explaining Differences in Wages,.page demand and to explain differentials,.discrimination, and cause wages to Personnel Economics, page the role can play firms deal with The Markets for Capital and , page how equilibrium determined in the capital and Markets for Other more at Is Zach Greinke and Why Is He Being Paid.$147 Million?.Few businesses generate as much passion teams. Sports fans admire the skills athletes, but many people question are paid high salaries “just for game.” Some fans also get frustrated teams lose star players to wealthier can afford to sign players to for large salaries. Zack Greinke is baseball pitcher who won the Cy in 2009 as the best pitcher in League. Yet in 2013, Greinke for the fourth team since he started league career in 2004 with the Royals. The Royals couldn’t afford to to a long-term contract and to the Milwaukee Brewers in 2010, turn traded him to the Los Angeles 2012. Following the 2012 season, a free agent and was eligible to any team. The Los Angeles Greinke to a contract that will pay him.$147 million over six years—making him the highest paid players in historyIn 2013, the Dodgers sold the rights their games to Time Warner more than $6 billion over a 25-year period. Because of the high revenues the Dodgers generate from ticket sales, cable television,.and broadcast television and radio, they to pay more for players than teamssuch as the Milwaukee Brewers and Royals that play in smaller citiesThroughout this book we have been using a demand and supply model to markets for goods and services. We some of the same concepts in this chapter to analyze the markets for labor factors of production. But there differences between the factors of production and the markets and services. The most obvious difference is that in factor markets, firms are demanders and households are suppliersAnother difference between the and the markets for goods and services is that concepts of fairness arise in labor markets. When an a contract for millions of dollars, wonder: “Why should someone game get paid so much more than teachers, nurses, and other people doing more important jobs?” Because people typically of their income from wages and salaries,.they often view the labor market as the market in which they participateSources: Jonah Keri, “Pondering Zack Greinke’s $ Deal,” , December 10, 2012;.and Bill Shaikin, “Dodgers to Keep More than $6 TV Contract in Tentative Pact,” Los Angeles Times,.June 13, in Your Can You Convince Your Boss to Give You a Raise?Imagine that you have worked for a local sandwich shop for over a year and are preparing to a raise. You might tell the manager that you are a good employee, with a good attitude ethic. You might also explain that you have learned more about your job a

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