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Consequently, the wages paid to the workers in the cinema theatre would reduce. An opposite scenario in this context would be that if the public transport is privatized, the wages paid to the bus conductors would possibly increase.
2. The bargaining power of the workers is another significant factor that plays a role in the determination of distribution of income between wages and profits. The point to be noted here is that bargaining power of the work force can be more important than their productivity.
3. Profits not only depend on the macro factors such as the country’s economy but they also depend on the cost of production which can be company/industry specific. For instance, some companies who believe in excellence would spend a lot on innovation, resulting into low cost of production and high profits. This could also result into high wages.
4. The wages paid would also depend on the size of the company and industry. If the company is growing in size, the wages paid would be high; similarly wages are of growing nature in sunrise industries. Companies who have maintained oligopoly in the market can also afford to pay high wages.
5. Fields such as Information technology and Finance are of revolutionary and innovative nature, so we find wages to be very high in these fields. Similarly companies in any industry such as biotechnology, weapons manufacturing and aerospace that are of innovative nature can afford to pay high wages to the workers.
6. Another important factor is the distinction between skilled and unskilled workers. Skilled workers certainly get paid more than unskilled workers. The point to be noted here is that skilled workers enable the company to make more profits.
7. Referring to the above point again, we can also conclude that skilled/unskilled workers working in the specialty and niche areas will be paid more than
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6 Conclusion 8 Reference 9 Introduction The different types of labor markets are skilled, semi skilled and unskilled markets. The workers skilled in a certain job are categorized in the skilled market while the unskilled workers fall under unskilled market.
This is mainly determined by the interest rate. In return, the interest rate may be derived through the key economic indicators such as the inflation, unemployment rate and gross domestic product (GDP).
In making these major decisions, the inflation is principally taken into account.
Despite escalation in productivity and inflation since 1968 there has not been a proportionate enhancement in minimum wage James Cicarelli, Since1968, 2003). The "living wage movement" owes it's genesis to the failed attempts by the legislative to effect greater parity between minimum wage and living wage.
Combining the two effects, would the wage increase raise or lower output and welfare In other words, where and where not you would expect firms to pay efficiency wages That is the question this paper seeks to answer.
Economists typically assume that the efficiency wage is too high and so leads to unemployment that is also too high.
From this research, it is clear that heredity alone does not develop a personality, but in association with the environmental factors only develop, evolve and fine tune the personality of an individual. According to psychologists, the most reasonable answer of all is neither one, nor the other, but the interaction of the two - the genetic and the environmental/ educational/ experience factor.
The father, Aubry D. Wages, was required to pay child support to the mother.
After the case was heard and a judgment was given, the mother got married to another husband and decided to relocate. They two newly wedded couple