Question

1. How do we decide how much each person in society should be paid? Why do some jobs receive high wages while others do not? Do wages reflect

what types of jobs our society values?
2. View the supply and demand graph below. Analyze how jobs are affected by supply and demand. In the last five months, we've senn a lot in the
news about supply, demand and unemployment.
Using what you know about supply and demand and labor, explain how changes in supply and demand couple impact employment and jobs.

Answer 1

The pay of an individual depends upon the responsibilities of the worker.

Step-by-step explanation:

We decided the pay of an individual by giving him the responsibility. bigger the responsibility, more money should be paid to an individual. Some jobs receive high wages as compared to others due to more experience and knowledge about work is required. Yes, wages reflect the types of jobs that are value in our society.

If the demand of the labors is less and more workers should be supply by the society as a result, unemployment occurs. While there is demand for workers and the training centers supply less or sufficient number of workers or labors so as a result unemployment is reduced.