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Discuss the factors that affect relative wages

Discuss the factors that affect relative wages.

Answers

Benjamin
Factors that affect the relative wages include;

1: General attractiveness of the job-if a job is pleasant,fairly comfortable and respectable,many people will be attracted to it.The result will be that their wages will tend to be less than those occupations which are disagreeable and not considered socially superior.

2: The cost of learning a job-if there are certain jobs which require a very long and costly training,the entry to that occupation will be very much restricted.The earnings in such profession are naturally high e.g earnings of doctors,engineers and accountants.

3: Regularities and irregularities of employment-those jobs which provide a regular employment throughout the year are accepted by the people even of the earnings are very low.On the other hand earnings in irregular job must be enough to attract people.

4: Immobility of labour-sometimes it happens that certain jobs which are respectable and attractive provide very high scale of earnings.This is due the fact that entry into these occupations is restricted.

5: Natural gifts-there are certain jobs which require some natural gifts.Everybody cannot be a successful actor or artist.The number of people in these occupations is small and their earnings are very large e.g actors and singers.
Kalis answered the question on March 25, 2018 at 10:51

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