The Main Difference between Wage Rate for Teacher and Sportsman - Assignment Example

The Main Difference between Wage Rate for Teacher and SportsmanAnswer: No: 1 The main difference between the earnings of a college level professor and a football player is that a college level professor teaches a group of students and is not a very prominent personality whereas a professional football player provides entertainment to the whole nation through his or her extraordinary skills and abilities. Another difference is that a sport activity is more attractive to people as compared to education.

Therefore, sports’ organizers pay higher wages to the players in order to attract a large number of people towards the playground, because it results in generating high revenues for the organizers.Answer: No: 2 The current US federal minimum wage rate is $7.25 per hour, which was set in 2009. If the minimum wage rate is increased from $7.25 to $7.50 per hour, it will be good for the minimum wage workers. Increased wages will help minimum wage workers live a better standard life and will ultimately result in increased business productivity for the companies.

Answer: No: 3At present, very few people go into the profession of teaching because people do not consider it a very good profession because of low wages. However, if the government equals the wages of teachers and business personnel, more people will try to join the profession of teaching because teaching is comparatively easier to do and requires less time than business. It will destabilize the economic progress of the country.Answer: No 4 If their will be no limit, more and more people will want to join the profession of lawyers because of attractive salary packages.

In this case, other professions will be affected. Moreover, practicing lawyers will not want a large number of new lawyers become a threat to their jobs. Therefore, they limit the entry of new layers in the profession of law.Answer: No 5 Considering the change in the total revenue resulting from the quantity and quality of the output produced by Michael Jordan, the amount given to the player was fair because he served his club very well during whole season.Answer: No 6 Increase in wages will make the employees do more for their companies.

When the employees will receive higher wages, they will definitely work hard with full dedication and commitment increasing their overall productivity and output.Answer: No 7Women are generally less likely to work full-time.Some employers do not give higher wages to women because they consider women less productive as compared to men.Women generally do not negotiate their salaries with the employers due to job insecurity.Answer: No 8 In this case, more and more people would like to join that industry because of higher wages.

Answer: No 9 According to the output effect, a decrease in the wage rate will decrease production costs, so the price of final goods will decrease. The quantity of final goods produced will decrease, so the demand for labor will increase.Answer: No 10An increase in the wages of airline pilots will definitely not change the number of pilots used by the airlines because in order to manage the demand of available pilots to fly the planes, airlines must have a minimum number of pilots available to them.

Answer: No 11 The main reasons include changes in the patterns of employment, availability of highly skilled professionals, and increase in the interest towards higher education.Works CitedNot Required.