Final answer:
Expected annual or hourly compensation amount is the total earnings a worker will receive including both wages and benefits like health insurance and retirement plans.
Step-by-step explanation:
The term expected annual or hourly compensation amount refers to the total expected earnings a worker will receive in a year or per hour, which includes not just wages or salaries, but also benefits like health insurance, vacation pay, retirement plans, and other legally required benefits such as employer contributions to Social Security. Factors influencing compensation include a worker's experience, education, skill, talent, union membership, and potential discrimination in the labor market.
Analyzing labor markets involves not only considering the wages but also the supplementary benefits that can offset lower pay. When evaluating different job offers, such as those for a crew person at McDowels or a customer care representative, it's crucial to consider both the base salary and the additional benefits that complete the compensation package.