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What Kind Of Economy Offers The Same Wage No Matter How Productive A Person Is?
In a market economy, the wage of a person is determined by the supply and demand of labor. The more productive a person is, the higher their wage will be. This is because they are able to produce more goods or services in the same amount of time as someone who is less productive. In contrast, in a command economy, everyone is paid the same wage regardless of how productive they are.
In a market economy, wages are determined by the supply and demand of labor. If there is a high demand for workers in a particular field, then wages will be higher for those workers. Conversely, if there is a low demand for workers in a particular field, then wages will be lower.
The productivity-pay gap refers to the difference between productivity growth and the growth of hourly compensation for workers. In recent decades, productivity has grown much faster than hourly compensation. This means that workers are producing more goods and services per hour worked but are not being compensated at the same rate.
The minimum wage is another factor that affects wages. When the minimum wage increases, it can lead to an increase in worker productivity. However, this effect is not spread evenly across all workers or locations.
In conclusion, market economies offer wages that are determined by the supply and demand of labor. In contrast, command economies offer everyone the same wage regardless of how productive they are. The productivity-pay gap refers to the difference between productivity growth and hourly compensation growth for workers. The minimum wage can also affect worker productivity.
Here’s a list of website addresses that discuss What Kind Of Economy Offers The Same Wage No Matter How Productive A Person Is?:
– https://fee.org/articles/wages-and-productivity/
– https://insight.kellogg.northwestern.edu/article/worker-productivity-minimum-wage-increase
– https://www.epi.org/productivity-pay-gap/
– https://quizlet.com/649351563/economics-exam-flash-cards/
– https://brainly.com/question/27928447
