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Whuch of the following is most likely to lead to a general decrease in wages?
A general decrease in wages is most likely to occur due to an oversupply of labor in the job market. When there are more workers than available jobs, employers can offer lower wages since competition for positions increases. Additionally, economic downturns or recessions can lead to reduced demand for goods and services, prompting businesses to cut costs, including wages. Lastly, technological advancements that automate jobs can also contribute to wage reductions as fewer workers are needed.
What explains why why immigration can lead to a decrease in wages?
Immigration can lead to a decrease in wages primarily due to the increased labor supply that comes with an influx of workers. When more individuals compete for the same jobs, especially in low-skill sectors, employers may lower wages since they have a larger pool of applicants to choose from. Additionally, if immigrants are willing to accept lower wages, this can further drive down compensation for all workers in that labor market. However, the overall impact on wages can vary depending on factors like the skill levels of immigrants and the economic context.
Why do lower labor cost in other countries lead to job losses in the US?
Lower labor costs in other countries led to job loss in the United States because it is more cost efficient, the lower wages makes it less costly to have the same amount of workers.
Why do lower labor cost in the other countries lead to job loss in the US?
Lower labor costs in other countries led to job loss in the United States because it is more cost efficient, the lower wages makes it less costly to have the same amount of workers.
What did David Ricardo argue happens when workers received higher wages?
David Ricardo argued that when workers receive higher wages, it can lead to an increase in the labor supply. This, in turn, may result in diminishing returns to labor, as more workers enter the market, potentially driving down wages over time. Additionally, higher wages can also lead to increased demand for goods, which may boost production but could eventually lead to inflationary pressures. Overall, Ricardo believed that higher wages could have complex effects on the economy, balancing between improved living standards for workers and potential negative impacts on employment and prices.
What was Fordism?
Fordism was a business approach named after Henry Ford, where companies used mass production ( creating mass standardized units ) to lower prices, therefore being able to increase the wages and decrease the hours of work for workers. This "better treatment" of workers lead to better productivity and a constant flow of new workers ( for mass production ) which in turn contributed to the lower prices. Because of mass production, he workers would be able to specialize in a certain area, also contributing to the increase of productivity which ultimately lead to the increase in the development of the company.
What did David Ricardo ague happens when workers received high wages?
David Ricardo argued that when workers received high wages, it could lead to an increase in the population, as higher wages would incentivize families to have more children. This increase in the labor supply could eventually drive wages back down to a subsistence level, as more workers would compete for jobs. Consequently, while higher wages might temporarily improve living standards for workers, the long-term effect could negate those benefits as the labor market adjusts.
What were the average wages of workers in the 1920s?
In the 1920s, average wages for workers in the United States varied significantly by industry, but overall, they increased as the economy boomed. For example, manufacturing workers earned an average of about $1,200 to $1,500 per year, while skilled tradesmen could earn upwards of $2,000 annually. However, these wages were not uniform, with many laborers earning lower salaries, and the disparities between skilled and unskilled labor were pronounced. The decade was marked by economic growth, but it also set the stage for the inequalities that would lead into the Great Depression.
In what sizes of particle the aggregate are deficient or oversupplied?
In fine aggregate, particles smaller than 75 microns can lead to deficiencies in properties like workability and affecting the water requirement, while an oversupply of particles smaller than 75 microns can lead to problems like excessive bleeding and segregation. In coarse aggregate, an oversupply of very fine particles (dust) can affect workability and may lead to a lower strength of the concrete due to reduced paste content.
What are Efficiency wages?
Efficiency wages are higher-than-market wages that employers pay to motivate workers to be more productive, reduce turnover, and attract higher-quality applicants. By offering these wages, firms aim to enhance employee loyalty and performance, as workers are incentivized to work harder to retain their jobs and the associated benefits. This concept suggests that paying above the equilibrium wage can lead to greater overall efficiency within the company. As a result, efficiency wages can sometimes lead to a surplus of labor, as the higher pay attracts more applicants than there are available positions.
How did Milton Hershey feel about his workers?
Milton Hershey was known for caring about the well-being of his workers. He provided them with good wages, housing, and recreational facilities to improve their quality of life. Hershey believed that happy workers lead to a successful business.
Why does globalization lead to a reduction in prices for goods and services?
Competition for jobs drives down wages, which helps companies lower their prices.
