Econ 9.2 – Flashcards
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How does the level of men compare to women?:
answer
Women earn about 75% of what men earn
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What factors can affect wages?:
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minimum wage, safety laws, labor unions
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Which of the following is generally considered to be a skilled worker?:
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machinist
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What is the basic economic principle that decides how high wages will be?:
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Supply and demand control wages
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What is generally one of the major differences between union and nonunion workers?:
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Union workers earn more money for similar work
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What is one strategy that employers use to continue to do business despite high wages?:
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Replace some of the workers with machines
