Factors Affecting Wage Decline
Question
Analyse why the wages of workers in a particular occupation may fall.
Category:
Wages
Frequently asked question
Preview Answer
I. 🍃Introduction
- Explanation of the topic
- Importance of understanding the reasons for falling demand for workers
II. Reasons for falling demand for workers
A. Demand for the good or service they provide falls
- Explanation of how this affects demand for workers
- Examples of industries affected by falling demand
B. Productivity falls
- Explanation of how this affects demand for workers
- Examples of industries affected by falling productivity
C. Replaced by capital equipment
- Explanation of how this affects demand for workers
- Examples of industries affected by capital equipment
D. Technological advances
- Explanation of how this affects demand for workers
- Examples of industries affected by technological advances
E. Obsolete skills
- Explanation of how this affects demand for workers
- Examples of industries affected by obsolete skills
III. Consequences of falling demand for workers
- Unemployment
- Lower wages
- Economic downturn
IV. Solutions to falling demand for workers
- Retraining programs
- Investment in new industries
- Government intervention
V. 👉Conclusion
- Recap of reasons for falling demand for workers
- Importance of finding solutions to prevent negative consequences
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