Wage Variation Across Different Workers
Question
Explain why some young workers may earn more than some old workers.
Category:
Labor Market and Income Distribution
Frequently asked question
Preview Answer
I. 🍃Introduction
- Brief overview of the topic
II. Advantages of being more qualified and skilled
- Higher demand for people with good technical skills
- More productivity
III. Advantages of being up to date with the latest technology
- Higher demand for workers who can adapt to new technology
- More job opportunities
IV. Advantages of being more mobile
- More job opportunities
- Ability to change occupations and locations
V. Advantages of working longer hours/less time off for illness
- More productivity
- More job opportunities
VI. Disadvantages of being an older worker
- Discrimination from firms
- Perceived as less productive
VII. Explanation for high demand for people with high qualifications and skills
- Short supply of qualified workers
- More productivity
VIII. 👉Conclusion
- Recap of advantages and disadvantages of being more qualified, skilled, up to date with technology, mobile, and working longer hours/less time off for illness.
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