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Essay / Research Paper Abstract
This 4 page paper considers the way in which different economic influences, such as increasing the supply of labor as well as decreasing demand will result in falling real wages. The concept is explained from an economic perspective and includes supply and demand costs to illustrate the way in which the wages will fall. The bibliography cites 2 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEwagesd.rtf
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Unformatted sample text from the term paper:
in more than twenty years, with the previous twenty years seen falls in real value as a result of different factors, such as increasing numbers of workers. Looking at the
concept of economic it is possible to understand how and why the real wages had been falling. First we need to consider what it mean by a real rather than
a nominal fall in wages, the real value of money is measured in its buying power, inflation has an impact. This means that $10 in 1988 will not have the
same value in 1998 as it would not buy the same amount of goods. Theroefre, when looking at decreases we are looking at decreases in real terms, which is often
more subtle when it occurs in any economy as the rises that other professions have to keep pace with inflation simply do not increase at the same rate, resulting in
an effectual loss of value. The real drop in wages may be seen as the result of application of supply and demand factors. In any market the way
that the price for a good or service will be determined is the result of the level of supply and demand. When looking at this it can be presented on
a supply and demand graph, with two line, one for supply and one for demand. The X axis is always shown as the quantity that is demanded and the Y
axis is the price. In simple terms the price paid for a good, in this case the labor will be the point of equilibrium where the supply and the demand
lines intersect when represented in a graph. The supply line is an upward slope that shows that as the price increases a supplier will want to supply a greater quantity.
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