Demand is high because of high labor productivity

Assignment Help Business Economics
Reference no: EM131173831

The general level of wages in the U.S. and other industrially advanced countries is high relative to less developed countries because the demand for labor is high relative to its supply. Demand is high because of high labor productivity. Give 5 reasons why labor is so productive in industrially advanced countries.

Reference no: EM131173831

Questions Cloud

Efficient allocation between public and private goods : What happens to the efficient allocation between public and private goods as an economy becomes wealthier? Can you think of examples of public goods, the consumption of which would increase more than proportionately to the increase in income? Less th..
Process of designing new production facility : Roch Pumps, Inc. is in the process of designing a new production facility and are currently considering whether to use a conventional induction motor or a more modern premium efficiency motor for their testing equipment. What number of operating hour..
Printer is expected to have negligible salvage value : Your company has just purchased a new 3D printer for $27,000. The printer is expected to have a negligible salvage value at the end of its useful life (10 years). However, it is expected to generate $8,000 in revenue for your company annually and wil..
Using supply and demand and competitive analyses : Using supply and demand and competitive analyses, explain what happens to a pharmaceutical company’s revenues and profits from an individual drug once it loses its patent protection. Then identify at least one strategy the company can use to mitigate..
Demand is high because of high labor productivity : The general level of wages in the U.S. and other industrially advanced countries is high relative to less developed countries because the demand for labor is high relative to its supply. Demand is high because of high labor productivity. Give 5 reaso..
Market generate benefits that are realized outside of market : Some goods that are bought and sold markets generate benefits that are realized outside of the market. A policy that will make these markets more efficient is...
Discuss how the biblical stewardship : Discuss how the Biblical STEWARDSHIP principle (God is owner of all.) impacts business decisions and puts additional constraints on business behavior for the Christian. Because all property is ultimately God’s and profits are due to God’s grace, shou..
Costs of building capacity are mostly fixed : For products like parking lots and hotels, costs of building capacity are mostly fixed or sunk and firms in this industry typically face capacity constraints.
Public and private security concerns often differ : When it comes to CIKR protection, public and private security concerns often differ. Do you agree or disagree with this statement? What are the differences?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd