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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the main reasons economists give for the increase in inequality of incomes?

To determine

Reasons given by economists for increase in income inequality.

Explanation

One significant factor contributing to different level of wealth is that the people are paid diverse wages. There are many reasons why some people are paid millions while others merely earn minimum wage. Some of them are determination of wages by labor market, educational qualification, advancement of technology, changing family demographics, with more of single-parents and households having two high-earners, shifts in the distribution of wages etc. The fair price of a skill, and the wage for the job that requires the skill, is low if numerous workers (more supply) are willing and able to offer that skill but only a few companies need it (less demand)...

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