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What are the two main reasons pay differs?
- characteristics of the worker
- characteristics of the job
___________ is the value of the output produced by the worker
how do you become more productive? (4 ways)
training, experience, education, ability
What are five job related reasons certain jobs pay more?
- differences in risk
- geographic differences
- job discrimination (illegal)
- union membership
- benefits of the job
What are three real life examples of labor markets?
job ads, hiring signs, job fairs
What is the Law of Demand in this market?
Employers ar emore willing to demand a resource (workers) , as its price (wage) decreases
What is the Law of Supply in this market?
Workers are more willing and able to supply their resource (work) as its price (wage) increases
The FED and New Hampshire's minimum wage is _______.
$7.25 per hour
What is Living Wage?
high enough for a person who works full time to afford basic needs