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Economic 18.3 Notes

The survey of 10 people found that 7 had 2 earning members in their family while 3 had only 1. The respondents had a variety of occupations from teacher to architect. Their ratings for salary, work hours, job security, location and other factors varied from 1 to 10. The document then discusses several reasons why earnings of occupations may change over time, including changes in demand and supply of labor in an occupation, introduction of new technologies, changes in bargaining power between workers and employers, government policies like minimum wage laws, public opinion affecting certain industries, and individuals gaining more skills and experience.

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28 views

Economic 18.3 Notes

The survey of 10 people found that 7 had 2 earning members in their family while 3 had only 1. The respondents had a variety of occupations from teacher to architect. Their ratings for salary, work hours, job security, location and other factors varied from 1 to 10. The document then discusses several reasons why earnings of occupations may change over time, including changes in demand and supply of labor in an occupation, introduction of new technologies, changes in bargaining power between workers and employers, government policies like minimum wage laws, public opinion affecting certain industries, and individuals gaining more skills and experience.

Uploaded by

mananshah23451
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Economics

Chapter 18.3
Survey
Out of the 10 people we surveyed, 7 said that there were 2 earning
members in their family, while 3 said there was only 1.
*Based on our results only
Shockingly, there isnʼt much correlation
No. of earning No. of Salary/Wage Working Job security Location Other non-wage factors
Respondent Occupation
members dependents (1-10) hours (1-10) (1-10) (1-10) (1-10)

1 2 3 Teacher 8 6 9 7 7

2 2 4 Engineer 9 5 8 6 6

3 2 2 Doctor 10 7 10 8 8

4 2 5 Accountant 7 8 7 5 9

5 1 1 Lawyer 8 9 8 7 10

6 2 3 Nurse 9 6 9 8 8

7 1 2 Chef 7 8 8 6 9

8 2 4 Salesperson 8 7 7 5 10

9 1 3 Programmer 9 9 9 7 8

10 2 5 Architect 10 6 8 8 9
Why Earnings Of Occupations
Change Over Time
Changes in demand and supply of labour
The earnings of an occupation can change over time due to changes in the demand
and supply of labour. An increase in demand for a particular job will drive up the
earnings of those in that occupation, while a decrease in demand will drive down
earnings. The supply of labour also plays a role, as an increase in the number of
workers in an occupation can lead to a decrease in earnings, while a decrease in the
number of workers can lead to an increase in earnings.
Changes in the stages of production
Earnings can also change due to changes in the stages of production. The
introduction of new technology can make certain jobs obsolete, while creating new
job opportunities in different industries. The amount of capital invested in a
particular industry can also affect earnings, as businesses with more capital are
often able to pay higher wages to their employees.
Changes in bargaining power
The bargaining power of workers and employers can also affect earnings. When
workers have more bargaining power, they are able to negotiate higher wages,
while employers with more bargaining power may be able to offer lower wages.
Collective bargaining agreements between unions and employers can also affect
earnings, as unions can negotiate better wages and benefits for their members.
Changes in government policy
Earnings can also be affected by government
policy. Changes in tax laws, minimum wage
legislation, and other regulations can impact
the amount of money that workers take home
in their paychecks. Government-sponsored
training programs can also affect earnings by
increasing the skills and qualifications of
workers in certain occupations.
Changes in public opinions
Public opinion can also play a role in affecting
earnings. The reputation of an industry or
occupation can impact the demand for workers
in that field, as well as the willingness of
employers to pay higher wages. Social
attitudes towards certain types of work can
also affect earnings, as some occupations may
become more or less valued over time.
Changes in earnings of individuals over time
Finally, the earnings of individuals can change over time due to changes in their
skills, qualifications, and experience. Workers who receive training and education
may be able to command higher wages, while workers who do not continue to
develop their skills may see their earnings decrease over time.
Conclusion
In conclusion, the earnings of occupations change over time due to a variety of
factors, including changes in demand and supply of labour, changes in the stages of
production, changes in bargaining power, changes in government policy, changes
in public opinion, and changes in the earnings of individuals over time.

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