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Chapter 19

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ECON 200

Microeconomics Chapter 19  Compensating differential: difference in wages that arises to offset the nonmonetary characteristics of different jobs.  Schooling raises workers’wages because makes them more productive  Degrees are a sign of ability- easier for some people to get a degree  Human capital: the accumulation of the investments in people, such as education and on-the-job training.  Changes in technology cause changes in demand for skilled and unskilled labor  Computers need skilled workers to work them and replace the unskilled ones  International trade  Raise our need for exports with skilled labor and import by unskilled  Natural abilities influence pay (smart, athletic, sociable)  Effort (work hard), chance, beauty (reflects customers preferences)  Superstars  Every customer in the market want to enjoy the good supplied by the best producer  The good is produced with a technology that makes it possible for the best producer to supply every customer at low cost.  Above-equilibrium wages  Min wage laws can bring wages above level of an unregulated market for some.  Union: worker
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