TAILIEUCHUNG - THẠC SỸ KINH TẾ - KINH TẾ VI MÔ - CHAPTER 15

Professional football players earn more than ministers or nurses. Social workers with college degrees generally earn less than truck drivers, who may not have completed high school. Professors of accounting typically earn more than professors of history with equivalent educational background and teaching experience. Even if your history professor is an outstanding teacher, capable of communicating effectively and concerned about students’ problems, she probably earns less than a mediocre teacher of accounting. Why do different occupations offer different salaries? Obviously not because of their relative worth to us as individuals. . | CHAPTER 15 Competitive and Monopsonistic Labor Markets Labour like all other things which are purchased and sold and which may be increased or diminished in quantity has David Ricardo Professional football players earn more than ministers or nurses. Social workers with college degrees generally earn less than truck drivers who may not have completed high school. Professors of accounting typically earn more than professors of history with equivalent educational background and teaching experience. Even if your history professor is an outstanding teacher capable of communicating effectively and concerned about students problems she probably earns less than a mediocre teacher of accounting. Why do different occupations offer different salaries Obviously not because of their relative worth to us as individuals. Just as there is a market for final goods and services calculators automobiles dry cleaning there is a market for labor as a resource in the production process. In this competitive labor market the forces of supply and demand determine the wage rate workers receive. By concentrating on the economic determinants of employment those that relate most directly to production and promotion of a product we do not mean to suggest that other factors are unimportant. Many noneconomic forces influence who is employed at what wage including social status appearance sex race and personal acquaintances. Our purpose is simply to show how economic forces affect the wages paid and the number of employees hired. Such a model can show not only how labor markets work but how attempts to legislate wages like minimum wage laws affect the labor market. The general principles that govern the labor market also apply to the markets for other resources principally land and capital. The use of land and capital has a price called rent or interest which is determined by supply and demand. Furthermore land capital and labor are all subject to the law of diminishing marginal .

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