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Wage Dispersion
In economics, wage dispersion is the variation in wages encountered in an economy. See also *Search theory In microeconomics, search theory studies buyers or sellers who cannot instantly find a trading partner, and must therefore search for a partner prior to transacting. It involves determining the best approach to use when looking for a specific ite ... * Price dispersion * Economic inequality * Wage ratio Books * Dale T. Mortensen (2005), ''Wage Dispersion: Why Are Similar Workers Paid Differently?'', MIT Press. Dispersion Income inequality metrics {{economic-term-stub de:Lohnspreizung ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage
A wage is payment made by an employer to an employee for work (human activity), work done in a specific period of time. Some examples of wage payments include wiktionary:compensatory, compensatory payments such as ''minimum wage'', ''prevailing wage'', and ''yearly bonuses,'' and wiktionary:remunerative, remunerative payments such as ''prizes'' and ''tip payouts.'' Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company. Payment by wage contrasts with salary, salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with Commission (remuneration), commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Search Theory
In microeconomics, search theory studies buyers or sellers who cannot instantly find a trading partner, and must therefore search for a partner prior to transacting. It involves determining the best approach to use when looking for a specific item or person in a sizable, uncharted environment. The goal of the theory is to determine the best search strategy, one that maximises the chance of finding the target while minimising search-related expenses. Search theory clarifies how buyers and sellers choose when to acknowledge a coordinating offer for a transaction. Search theory also provides an explanation for why frictional unemployment happens as people look for jobs and corporations look for new employees. Search theory has been used primarily to explain labor market inefficiencies, but also for all forms of "buyers" and "sellers", whether products, homes or even spouses/partners. It can be applied. The clearing price will be met quickly as supply and demand react freely. However ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Dispersion
In economics, price dispersion is variation in prices across sellers of the same item, holding fixed the item's characteristics. Price dispersion can be viewed as a measure of trading frictions (or, tautologically, as a violation of the law of one price). It is often attributed to consumer search costs or unmeasured attributes (such as the reputation) of the retailing outlets involved. There is a difference between price dispersion and price discrimination. The latter concept involves a single provider charging different prices to different customers for an identical good. Price dispersion, on the other hand, is best thought of as the outcome of many firms potentially charging different prices, where customers of one firm find it difficult to patronize (or are perhaps unaware of) other firms due to the existence of search costs. Price dispersion measures include the range of prices, the percentage difference of highest and lowest price, the standard deviation of the price distribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage Ratio
In economics, the wage ratio refers to the ratio of the top salaries in a group (company, city, country, etc.) to the bottom salaries. It is a measure of wage dispersion. There has been a resurgence in the importance of the wage ratio as well as the CEO Pay Ratio. The amount of money paid out to executives has steadily been on the rise. In the US "an April 2013 study by Bloomberg finds that large public company CEOs were paid an average of 204 times the compensation of rank-and-file workers in their industries. By comparison, it is estimated that the average CEO Pay Ratio was about 20 times the typical worker’s pay in the 1950s, with that multiple rising to 42-to-1 in 1980, and to 120-to-1 in 2000". While not as extreme, similar trends have been observed around the world. Research suggests that consumers believe CEO Pay Ratios are far lower than they actually are; in fact, consumers’ ideal ratio of CEO pay to average unskilled worker is 4.6 to 1, while their estimated ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wages And Salaries
Wages and salaries are the remuneration paid or payable to employees for work performed on behalf of an employer or services provided. Normally, an employer is not permitted to withhold the wages or any part thereof, except as permitted or required by law. Employers are required by law to deduct from wages, commonly termed "withhold", income taxes, social contributions and for other purposes, which are then paid directly to tax authorities, social security authority, etc., on behalf of the employee. Garnishment is a court ordered withholding from wages to pay a debt. Wages and salaries are typically paid directly to an employee in the form of cash or in a cash equivalent, such as by cheque or by direct deposit into the employee's bank account or an account directed by the employee. Alternatively, all or a part may be paid in various other ways, such as payment in kind in the form of goods or services provided to the employee, (SNA 7.32-7.42) such as food and board. For tax purpose ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Inequality Metrics
Income inequality metrics or income distribution metrics are used by social scientists to measure the distribution of wealth, distribution of income and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general. While different theories may try to explain how income inequality comes about, income inequality descriptive statistic, metrics simply provide a Systems of measurement, system of measurement used to determine the dispersion of incomes. The concept of inequality is distinct from poverty and distributive justice, fairness. Income distribution has always been a central concern of economic theory and economic policy. Classical economists such as Adam Smith, Thomas Malthus and David Ricardo were mainly concerned with factor income distribution, that is, the distribution (economics), distribution of income between the main factors of production, land, labour and capital. It is often related to wealth distribut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
