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Why are there such great differences in the wages and salaries paid to different people?
Wiki User
∙ 13y ago
How much a person gets paid for a service depends in how many other people are able or in a position to fulfill that service and the urgency to have that service fulfilled, as well as licencing and certification making other services more exclusive then others. In other words if any Tom, Dick and Harry can do the job they will not charge as much to do the job then if only harry can do the job because Harry can name his price (within certain limits naturally) The medical profession is probably a very good example of this where licencing and certification guarantees a shortage of labour, The demand increases with advances in medical technology. the actual job becomes easier and safer Yet the prices continue to escalate due to shortage of labour.
Wiki User
∙ 13y ago
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