DISCUSS SOME OF THE OTHER FACTORS THAT HELP INFLUENCE LABOR’S WAGES IN THE DIFFERENT MARKETS IN WHICH THEY WORK.
Answer question 1 and 2.
1. Supply and demand forces strongly influence wages, but they do not fully determine wages. Discuss some of the other factors that help influence labor’s wages in the different markets in which they work.
When answering this discussion question, please ensure you talk about at least two other factors that help determine wages and explain how they impact the supply and demand for labor. Then pick an industry (each student needs to pick a different industry) and explain how those factors have influenced wages in that industry. Explain what the wages would have been if those factors were not of any influence (this may take some conjecture on your part). Also indicate what type of industry the industry that you pick is, i.e., perfectly competitive, oligopoly, monopolistic competition, or monopoly) and why it is that type of industry. As usual, I will make some comments concerning your initial post. Don’t forget to do a spell check and reread your posts prior to submitting them to find wrong words spelled correctly, spelling errors, and grammar errors. You need to have a minimum of 200 words for the initial post.
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2. Read what Brain said and response in 100 words minume.
Besides the influence of supply and demand on wages, other factors such as price and subsidies influence labor’s wages. If the price of a product increases, employers are prepared to hire more workers or increase wages. Investopedia defines a subsidy as a benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy is usually given to remove some type of burden and is often considered to be in the interest of the public. When a government provides an employer with subsidies someone has to pay for it. While the subsidies offered may assist a particular business or industry for that matter, to remain competitive, the tax burden falls on Joe public.
In the U.S., an oligopolistic healthcare system exists for example. Hospitals have been consolidating for some time. According to Forbes on 7/7/2010, the health reform legislation intentionally restricts competition. One of the most competitive areas of the hospital sector was physician-owned hospitals. Health reform legislation essentially eliminated the building of any new physician-owned hospitals, undermining a trend that was redefining the hospital experience by putting emphasis on efficiency and the patient.
The effect rising prices has had on this industry, with some speculation on my part, has to do with the cost of insurance premiums. As costs rise, more workers are opting out of the job market because they are paying higher premiums thereby choosing to work less (the supply of labor decreases). In the nursing world anyway, this led to a shortage of workers. The nursing shortage forced employers to hire more full-time workers, increase pay to attract and retain good employees, and improve working conditions. Subsidies raise the income tax of all workers. If these subsidies are not eventually phased out to control government spending, workers will be paying higher and higher income taxes affecting their wages.
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