Question

3. Choose a profession for which the annual income is higher than the U.S. median household income. Why might this job pay more than the median? How could productivity, the law of supply and demand, and international competition and technology affect wages for this job?

I chose Marketing Managers.

Answer 1

Here's the chart from a previous question

Answer 2

@AZ ?

Answer 3

Hm, to begin, you must know what a `Marketing Manager` is. You must also understand the `supply and demand` concept. This is how much producers make vs how much the consumers wish to buy. This is important for marketing. If producers make more than what the people want to buy, the Marketing manager needs to find new ways to promote the product to make it appealing to a larger audience. If a marketing manager is in charge of promotion of the brand or product, why do `you` think that they make as much money an hour as they do? Let's start there.

Answer 4

Marketing Managers control the communication between partners and co-workers and more importantly, the company and it's consumers/customers. They help with advertisement and other promotional messages.

The supply and demand 'concept' is something like - demand is the principle referring to the consumer's desire to buy a specific product at a certain yet reasonable price, usually to come back and buy that same product or the same brand of various products. While supply is like how much of that product can be produced and demand also factors into that.

I think they make as much money as they do because Marketing Management is really important so that you can target the right audience. If you're targeting the wrong audience with the right strategy, your strategy might work with a different group of people but not with this group of people - because they either don't care or don't have the money to meet your wants and needs as a company. The more opportunities you make with the right people, the more opportunities you have to sell.