Are there any options? (:
Answer:
They will receive a high wage only when this skill is in great demand relative to its supply.
Explanation:
In the labor market, the law o supply and demand is also followed. The law of demand states "conditional on all else being equal, as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increases".
The price of labor, wage rate is determined by the intersection of demand and supply. When the demand of labor increases, the equilibrium price increases hence the wage rate increases. Also when the supply of labor increases, the equilibrium price deceases and wage rate decreases. The demand for labor is based on the marginal product of labor and price o output.
The skill or education of the individual or workforce (marginal productivity of labor) affects the productivity or output prices and also shift labor demand.
A democracy is a government in which political power—influence over institutions, leaders, and policies—rests in the hands of the people. In a representative democracy, however, the citizens do not govern directly. Instead, they elect representatives to make decisions and pass laws on behalf of all the people.
Answer and Explanation:
The status assigned is that which is given to an individual without making the effort to receive it. In this type of social status, the individual manages to have a social factor that is attributed to him, even before his birth, due to the status and social position of the family to which this individual belongs. In this case, children of rich and socially prestigious families are born with a high social status and this status represents the assigned status.
Acquired status, on the other hand, refers to the social status a person achieves through his or her own efforts to achieve social ascension. This can be seen through poor people who have become politicians or successful entrepreneurs through effort, dedication and studies, for example. This type of status does not limit the individual in a certain social class, since the effort through study and the search for better economic conditions allow this individual to rise more and more in social class.
