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Compensating Wage Differentials, Temporary Workers, Labor Union, and Macroeconomics : 1. Discuss compensating wage differentials in...

Compensating Wage Differentials, Temporary Workers, Labor Union, and Macroeconomics :

1. Discuss compensating wage differentials in detail. (2 pages)

2. Discuss Temporary Workers: Explain Trends, Reasons, and Implications of these Trends. (1 page)

3. How do modern labor unions affect workers and labor markets? (1page)

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Answer #1

The supply of labour depends on various factors such as:

  • Wages
  • Qualifications required
  • Non monetary benefits / costs

The compensating wage differential depends on how much income is necessary to compensate for unpleasant working environment.

For example, 2 jobs may have same skill requirement. But, one being a toilet cleaner may require a higher wage to attract enough people to supply their labour for that job compared with being a gardeners.

Compensating wage differentials may also be necessary for dangerous jobs.

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