...differences in male and female wages using data from Statistics Canada’s annual Survey of Consumer Finance (SCF) and Survey of Labour Income Dynamics (SLID). In addition to information on annual income, this study also looks at hourly wage data, which is a more precise measure as the earnings data series takes into account the price of labour as well as quantity (i.e. individuals’ work/leisure preferences). This study looks at the variables of race, highest achieved level of education as well as age to examine the existence of a wage gap. Like other studies, we have found that males have a higher wage in each of these areas, with females earning an average of 80 – 87% of the males’ average. Furthermore, we have examined the existence and size of a wage gap in three industries; law, nursing and the education industry. Finally, we looked at the Canadian gender-based wage gap statistics compared to International gender-based wage gap statistics. We deduced that there is, indeed, a wage gap in each of the mentioned industries, and can be partially attributed to human capital theory and occupational segmentation theory, however, a substantial portion of the gap remains unexplained. 2. General Existence of Gender-Based Wage Differentials in Canada The existence of gender based wage differentials in North America have been well documented for decades. Although female-male wage ratios have closed significantly since the mid 1980s, progress in wage equalization has seen some stabilization...
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...revenue resulting from employing an additional worker and is calculated by multiplying marginal product and marginal revenue. The MRP is the demand for labour curve and thus an increase in MRP, caused by a rise in productivity or the price of the product, will cause demand for labour to rise. Elasticity of demand for labour measures the responsiveness of demand for labour in relation to a change in the wage rate. For example, an elastic demand for labour would mean that, if wages were to fall largely, firm’s demand for workers would increase. On the other hand, if wages were to increase the demand for labour is likely to decrease. Factors that influence the elasticity of demand for labour include the PED of the product and the availability of capital as a substitute to workers. Question two- explain with the use of a diagram the backward sloping supply curve of labour. Mention the income and substitution effects. The backward sloping supply curve of labour demonstrates the result of wage rate changes in the short run. As the diagram indicates, the income effect dominates at high wages. This income effect is the effect on...
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...Research Process Paper Some individuals believe that education and earnings go hand in hand. The lesser the education, the smaller the wages, and thus with a greater education may lead to an increase in wages. The focus of this discussion will involve what the research process entails for the subject of wages and the relationship between education, and wage earnings. This research project will discuss the purpose of the research, define the problem, propose three possible hypothesizes, identify the variables, and define the problem in quantifiable measurements. According to some research studies the level of education that an individual obtains directly correlates to the wages that he or she will earn over his or her lifetime. The higher the degree of education that a person attains can affect the amount of wages that he or she will earn. Research shows that there is also a difference in wage earnings by males and females who have earned the same degrees. “The highest paid 10% of male workers with advanced degrees earned $3,260 or more weekly, compared to $2,252 or more for women of the same education level” (Wall Street Journal, 2009). The research suggests that there is an advantage of an increase in earning power by an individual who continues his or her education, and advances the degrees that he or she holds. This research may be important for anyone who is considering whether or not he or she should continue to further his or her education. The time, effort, and...
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...ENG 111 10 March 2014 The Reasons Why Federal Minimum Wage Is Raised U.S. President Barack Obama signed an executive order on February 12, 2014 to raise the minimum wage for federal contract workers to $10.10 an hour starting next year and encouraged employers nationwide to increase wages for their workers. The president also announced during his State of the Union address last month that he intended to take executive action to raise wages for federal contract workers (Mason). Order to understand this issue, we are going to understand what the Federal Minimum Wage is and when started it in the U.S.A. According to the United States Department of Labor (USDL), early in the administration of the Fair Labor Standard Act (FLSA), it started to be apparent that the use of the legal minimum wage was prone to producing undesirable efforts upon the financial systems of Puerto Rico and also the Virgin Island if put on all their covered industries. As a result, on June 26, 1940, an amendment was passed prescribing the establishment of special industry committees to find out, and problem through wage orders, the minimum, wage levels relevant in Puerto Rico and also the Virgin islands. The rates established by industry committees might be under the legal rates relevant elsewhere within the United States. In 1949, the minimum wage was elevated from 40 cents an hour or so to 75 cent an hour so for those employees and minimum wage coverage was extended to incorporate employees in mid-air...
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...Maximum wage legislation would mean that there would be a cap on what different people could earn in different professions. For example a Doctor may be able to earn a maximum of £200,000 per annum whilst a footballer may be limited to £1 million per annum. Unequal distribution of income is were groups of the population are receiving a much higher income then others. For example in the UK the average income of 90% of the population as whole in 2012 was £12,969 whilst the top 10% was earning around £79,000 and the top 1% having an income of £271,888 [The equality trust income inequality in the UK report 2013]. There is an unequal distribution of the income here because the top 10% of the population are earning around 600% more then the rest of the population. Maximum wage legislation could help reduce unequal distribution for several reasons. The main reasons is due to the simple fact that if the people at the top of the pay chart were to have caps placed on their incomes, then their incomes would most likely fall to this cap or below it and therefore the difference between the top and lowest incomes would be reduced. This would be a good way of reducing unequal distribution of income because unlike a minimum wage this legislation would be unlikely to cost firms money but in-turn save them money. This is because the firms would gain the surplus of the money already being paid to employees in comparison to the cap whereas a minimum wage can sometimes mean that firms will have...
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...Introduction In a quest to determine if there exist a disparity in wages and earnings between men and women examining data for those specific variables are critical. Data collection will assist the research team in determining if there is a substantial difference in the wages and earnings between these two groups of individuals in their respective occupational fields. The data collection may display a number of possible outcomes. One of the possible outcomes from the data may show on average men do earn considerably more than women. Another outcome may show on average there are no substantial disparities in earnings and wages between men and women. Earlier research shows that there were factors that contribute to wage disparities such as age, experience, education, and job location. Although those factors are important to research so are the data that analyzes average wages and earnings of men and women. According to Orris, ‘measures of central tendency are the methods we use to summarize data by trying to find one number that best represents all the numbers in a sample or population. There are three primary measures of central tendency: the mode, the median, and the mean,’(page 12). The mode is the most frequently occurring data value. It may be similar to the mean and median, if data values near the center of the sorted array tend to occur often. But it may also be quite different from the mean and median. The median is especially useful when there are extreme values, the...
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...Microeconomics Chapter 13—Earnings, Productivity, and the Job Market MULTIPLE CHOICE 1. If all persons had identical preferences and productivity factors (ability, skill level, education, experience, etc.), the highest paying jobs would be the most a.|prestigious.| b.|convenient.| c.|undesirable.| d.|easily learned.| ANS: C PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic TOP: Why Do Earnings Differ? KEY: Bloom's: Comprehension MSC: Suggested Quiz 2. Automated production methods are only attractive when they a.|are undertaken in heavily unionized sectors of the economy.| b.|reduce per-unit costs.| c.|replace workers.| d.|decrease labor productivity.| ANS: B PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic TOP: The Link between Productivity and Earnings KEY: Bloom's: Comprehension MSC: Suggested Quiz 3. The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that a.|worker preferences are an important source of earning differentials.| b.|economics ranks one set of worker preferences as more desirable than another.| c.|some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task.| d.|skill levels of laborers are a minor consideration in wage rate determination.| ANS: A PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic TOP: Why Do Earnings Differ? KEY: Bloom's: Comprehension MSC: Suggested Quiz 4. Which of the following is...
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...Max Edwards Increasing the Minimum Wage By reducing employment growth and/or eliminating jobs, economists have long understood that adoption of a higher minimum wage can harm the very poor who are intended to be helped. Nonetheless, a political drumbeat of proposals—including from the White House—now calls for an increase in the minimum wage from our current $7.25 per hour to levels as high as $15 per hour. These changes are coming after years of national debate about how the government needs to raise pay so families can earn a living wage. The first time the U.S. federal minimum wage was established during the Depression and was first instituted in 1938 as part of the Fair Labor Standards Act when it was 25 cents per hour, since then it has risen from to $7.25 per hour. Despite the increases, inflation has eroded its value. To make todays minimum wage return to the value it held in 1968 would require an increase to almost $10 per hour. President Obama initially proposed raising the minimum wage to $9 per hour in his February 2013 State of the Union address which in adjusted terms would put it back at its early 1980s level. The President later embraced a proposal in Congress to raise it to $10.This would boost the wages of an estimated 15 million people according to administration. Supporters of these efforts make it known that women in particular are likely to benefit significantly. But increasing the minimum wage may have other economic impacts beyond adding more...
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...the wage differentials between men and women I thought it would be interesting to hypothesize that there is research to prove that the world is analyzing the facts on why men make more than women and what is attempting to be done to correct the outdated and long-standing issue. I hypothesize that although there is data showing that the wage difference between sexes has already began to decline there are many reasons why there is a wage differential besides the obvious that “men are superior”. The gap between earnings of male and female workers has declined significantly over the past 30 years. The Bureau of Labor Statistics reports that in 1979 median weekly earnings of full-time female workers were 63.5 percent of male workers' earnings, implying a gap of 36.5 percent. The earnings gap dropped to 30 percent in 1989 and to 23.7 percent in 1999. In the second quarter of 2011, the gap reached a low of 16.5 percent. (BLS) Despite the accuracy of these numbers, many researchers believe that the mere comparison of median weekly earnings of male and female workers (represented in graph 1) presents an incomplete picture. First, women are likely to work fewer hours than men, which would make a gap in weekly earnings between the two groups substantial even if their hourly wages are the same. Most economic studies of a gender gap use hourly wages instead of weekly earnings as a measure. Second, many other factors (such as education and labor force attachment) could affect wages. Research...
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...CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE | | | | |Brief | | | |Learning | |Questions | |Exercises | |Do It! | |Objectives | | | | | | | | | | | | | | | |1A | |Prepare worksheet, financial statements, and adjusting and closing entries. | |Simple | |40–50 | | | | | | | | | |2A | |Complete worksheet; prepare financial statements, | |Moderate | |50–60 | | | |closing entries, and post-closing trial balance. | | | | | | | | | | | | | |3A | |Prepare financial statements...
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...CHAPTER 3 The Accounting Information System EXERCISE 3-4 (10–15 minutes) |Watteau Co. | |Trial Balance | |June 30, 2014 | | |Debit |Credit | |Cash ($2,870 + $180 – $65 – $65) |$ 2,920 | | |Accounts Receivable ($3,231 – $180) |3,051 | | |Supplies ($800 – $500) |300 | | |Equipment ($3,800 + $500) |4,300 | | |Accounts Payable ($2,666 – $206 – $260) | |$ 2,200 | |Unearned Service Revenue ($1,200...
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...Policy – 5BUS1035 | “The imposition of a minimum wage level may be considered as an ‘unequal’ policy measure which discriminates between workers with high levels of skill/education and those with low levels of skill/education, always resulting in higher rate of unemployment” | | 1411 8794 | 02/11/2015Word Count: 1, 522 | | The statement presents discriminatory issues of minimum wage between those of a higher or lower skill and education, which results in an increased rate of unemployment. It is assumed that, through minimum wage, lower and higher skilled workers are paid equally, rendering the education of higher skilled workers redundant. Higher skilled workers would be more partial to higher paying jobs than that of minimum wage, which consequents higher unemployment. Unemployment results in a number of economic issues as production possibilities are not fully realised. For instance, had workers been employed, there would not be a loss of output produced; this is known as Opportunity Cost. This essay shall cover points concerning minimum wage, occupational choice, return of investments in education, and human capital. The implementation of minimum wage directly affects employment rates especially low skilled workers, and young workers. The two most prevalent arguments are between supply side economists and demand side economists (Richardson IV, O. E., NO DATEa). "Economic consensus has long linked higher minimum wages with higher unemployment," according to the Wall...
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...Hannah Bowman 21 Apr. 2017 4th block Should the Federal Minimum Wage be Increased? In the United States many people struggle in their everyday life to provide for their family. A quick and easy way to solve this problem would be to raise the hourly minimum wage to a higher rate instead of $7.25. Increasing the minimum wage would reduce the amount of poverty that the United States has. Surprisingly, the high school dropout rate has a high correlation with the low national minimum wage. Doing this would also decrease the amount of crimes we have in the US every year. Raising the minimum wage would benefit the United States in many ways. Poverty is a real problem in the US and has been for some time, but by paying our low income families more money per hour this problem could be resolved. “The annual earnings for a full time minimum wage worker is $15,080 at the current federal minimum wage of $7.25.” (what are the annual earnings) $15,080 is hardly enough to support a family and provide nutritional and well balanced meals. In agreement with Mike Konczal, Author of Economist agree: Raising the Minimum Wage Reduces Poverty says, “raising the minimum wage to $10.10 an hour, as many Democrats are proposing in 2014 would reduce the number of people living in poverty by 4.6 million...
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...Minimum Wage and Economic Growth Economic Policy Institute, most commonly known as EPI, has always been a crucial factor in the effort to increase minimum wage and highlighting its positive effects for blue-collar families as well as the general economy. As of today, twenty-one states including Washington, D.C. have already advanced in setting their minimum wage above the federal minimum of $7.25; in other words, almost half of the United States workforce is now under the influences of minimum wages above the federal minimum. Therefore, EPI took the opportunity to conduct data and reports from these states, with the aid of the Economic Analysis and Research Network, also known as EARN, in order to advance economic policy at both state and regional levels, and at the same time, demonstrating the insufficiency of having $7.25 as the minimum wage. President Barack Obama, during his State of the Union, requested for a raise in minimum wage. In the late 1960’s, the purchasing power of the minimum wage was at $9.22 an hour in 2012 dollars, which is nearly two dollars above the current level of $7.25 an hour. Inflation is a cause of reducing the purchasing power of the dollar; so as a result, when the minimum wage is raised, the purchasing power of the eventual wage is less than the proposed nominal dollar value. The minimum wage is twenty-three percent less than its peak inflation adjusted value of 1968. One of the reasons that many support the increase of the wage is the fact...
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... | | Journal Entries | | | | | | | | | | | Date | Account | Debit | Credit | | | 1-Jul | Cash | 12000 | | | | | Common Stock | | 12000 | | | | | | | | | 1-Jul | Equipment | 8000 | | | | | Cash | | 2000 | | | | Accounts Payable | | 6000 | | | | | | | | | 3-Jul | Supplies | 900 | | | | | Accounts Payable | | 900 | | | | | | | | | 5-Jul | Prepaid Insurance | 1800 | | | | | Cash | | 1800 | | | | | | | | | 12-Jul | Accounts Receivable | 3700 | | | | | Service Revenue | | 3700 | | | | | | | | | 18-Jul | Accounts Payable | 1500 | | | | | Cash | | 1500 | | | | | | | | | 20-Jul | Salaries and Wages Expense | 2000 | | | | | Cash | | 2000 | | | | | | | | | 21-Jul | Cash | 1600 | | | | | Accounts Receivable | | 1600 | | | | | | | | | 25-Jul | Accounts Receivable | 2500 | | | | | Service Revenue | | 2500 | | | | | | | | | 31-Jul | Maintenance and Repairs Expense | 290 | | | | | Cash | | 290 | | | | | | | | | 31-Jul | Dividends | 600 | | | | | Cash | | 600 | | | | | | | | B. | | General Ledger | | | | | | | | | | | Cash | | | Date | Debit | Date | Credit | | | 1-Jul | 12000 | 1-Jul | 2000 | | | 21-Jul | 1600 | 5-Jul | 1800 | | | | | 18-Jul | 1500 | | | | | 20-Jul | 2000 | | | | | 31-Jul | 600...
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