The Main Difference between Wage Rate for Teacher and Sportsman Assignment - 4

The Main Difference between Wage Rate for Teacher and Sportsman - Assignment Example The current US federal minimum wage rate is $7.25 per hour, which was set in 2009. If the minimum wage rate is increased from $7.25 to $7.50 per hour, it will be good for the minimum wage workers. Increased wages will help minimum wage workers live a better standard life and will ultimately result in increased business productivity for the companies. At present, very few people go into the profession of teaching because people do not consider it a very good profession because of low wages. However, if the government equals the wages of teachers and business personnel, more people will try to join the profession of teaching because teaching is comparatively easier to do and requires less time than business. It will destabilize the economic progress of the country. If there will be no limit, more and more people will want to join the profession of lawyers because of attractive salary packages. In this case, other professions will be affected. Moreover, practicing lawyers will not want a large number of new lawyers to become a threat to their jobs. Therefore, they limit the entry of new layers in the profession of law. Considering the change in the total revenue resulting from the quantity and quality of the output produced by Michael Jordan, the amount given to the player was fair because he served his club very well during the whole season. Increase in wages will make the employees do more for their companies. When the employees will receive higher wages, they will definitely work hard with full dedication and commitment increasing their overall productivity and output. According to the output effect, a decrease in the wage rate will decrease production costs, so the price of final goods will decrease. The number of final goods produced will decrease, so the demand for labor will increase.