Question

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Answer 1

It be better if you posted this in the Economics section. (This is the writing section)

Answer 2

1st Prompt: Making money through labor is based on effort and earnings. Two examples would be sweat shops, and the miners of the mining industry. Making money through capital is all about management and business. Two examples would be wealth management companies, and venture capitalists.

2nd Prompt: Worker wages are determined in many ways. The most common is based on hourly rates. Factors that influence wages include political legislation to increase or decrease the wage cap, executive team’s decisions on setting a fixed or fluctuating wage rate, and even the economic state of a nation.

3rd Prompt: Labor unions impact wages for their members by providing them representation on labor issues that may arise. The outcome would increase the wage rate because labor unions are for the laborers. Their impact on wages of non-members might hurt them instead of those laborers within the union.

4th Prompt: One advantage of having labor unions is its representation for laborers, while one disadvantage for having labor unions is opportunity costs for the executive or management teams.

5th Prompt: Minimum wage is the lowest amount of income that can be paid to the employee. The minimum wage can be considered an example of a price floor as a company is basically buying labor services for that price rate. However, the minimum wage might not be the best example of a price floor.

6th Prompt: People would like minimum wages because it saves costs. A low minimum wage would benefit companies and not employees.

Answer 3

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