• Summary
  • Contents
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Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Economists have dealt with such questions for generations, but they have taken on new meaning and significance.Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is a must-have reference resource.Key FeaturesProvides highly readable summaries of theory and models in key areas of micro and macroeconomics, helpful for students trying to get a "big picture" sense of the fieldIncludes introductions to relevant theory as well as empirical evidence, useful ...

Wage Determination
Wage determination
Nicholas A.JollyCentral Michigan University

Wage determination refers to the market process that establishes the amount a firm pays a worker for a unit of time. A market exists when there is demand for and supply of a product. In the case of the labor market, firms demand individuals' time as an input for production, and workers supply it. The nature of the labor market, including the number of firms and special qualities of workers, influences the wage determination process. Other social institutions such as the government and interactions between individuals, including those characterized by racism and sexism, also influence payments made to workers. This chapter discusses the basic process of wage determination along with the influences of market structure, government regulation, and other ...

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