Why do government works make so much money

I keep telling myself to keep a proper perspective. Unlike, say, France, where the best university graduates historically have gone into government, the United States has historically prospered because the best and brightest have flocked to places such as Silicon Valley. By the mids more than a third of all private-sector workers in the United States were unionized. This email address is already subscribed. The FLSA requires employers to keep records of payments to employees, including overtime pay.

What it’s like to be one

For a job that even elite business school graduates can have difficulty explaining, top-tier management consultants can make ridiculously high salaries — even when just starting. It’s actually pretty simple. A lot of it is about prestige and convincing corporate executives to trust their business strategy and private data with people decades their junior. So consulting firms, especially, want to hire the best and brightest, since the pedigree of their employees is a work selling point. Companies such as McKinsey, Bain, and BCG are pretty explicit about only hiring top performers from highly prestigious and competitive schools. In a way, the consulting firms created this cycle. Now, sparked by the consulting industry’s demand, the MBA is among the most popular and lucrative degrees out .

Trump-Juncker ‘talks about talks’ met with scepticism

Discuss the following with your partner. Do you know much about economics? Tick which of these statements you think are true. Then explain to your partner why. What does economics study? Give a two-minute summary of what perfect competition is. First, read text 1 again and make notes below on the following and then present the talk to your class.

Why Do Government Jobs Pay 50% More Than Private Sector Jobs?

Discuss eorks following with your partner. Do you know much about economics? Tick which of these statements you think are true. Then explain to your partner why. What does economics study? Give a two-minute summary of what perfect competition is. First, read text 1 again and make notes below on the following and then present the talk to your class.

Answer this essay questions: What do economists mean by market structure? What kinds of market structure exist? How do different market structures affect consumers?

In many ways the relationship between employers and workers is similar to the relationship between consumers and producers; workers offer a service the labour they provideemployers buy that service at a price they can afford the wages they pay.

As you can see, it’s a kind of market. In economics, it’s called the labour market. What utility do they get? The answer is increased output. Output is how much of the product OS service the company produces. If there is an inerease in demand for their product, they will need to increase output.

Another is to ask staff they already have to work more hours. In both eases, the company is buying more labour. The demand is the employers’ need for labour Supply is the labour workers provide. Just like any other commodity, there is a relationship between price and demand. As the price of labour increases.

In other words, as supply of labour inereases. Again, you can see this shown in figure 1. The wage that workers act for their labour is a compromise between what they want and what companies will pay. This is the point where the lines cross in figure 1. However, there can be shifts in demand. These shifts can cause the overall demand for labour to increase or decrease at any wage rate. For example, if there is an increase in the demand for the end product or service, there will be an overall increase why do government works make so much money demand for labour the demand curve shifts to the right.

However, if new technology can replace workers, hen there will be an overall decrease in demand for labour the demand curve shifts to the left. One more thin, which affects demand for labour is workers’ productivity, The productivity of a worker is governmeht much they produce in a certain time. For example, imagine that a worker makes ten pencils an hour one day.

This is a fall in productivity When worker productivity falls, companies will pay less for labour. They are also less likely to employ new workers. Now read the text again and complete the sentences below in your own words in the space provided. Now listen to someone talking about one thing which affects productivity: the law of diminishing returns. Why do people work? To make money, of course. However, nothing in economics is ever that simple. The economist will ask a further question: how much are people prepared to work- The answer to this question is much more complex.

Finding the right balance between work time co leisure time is one of the trade- offs we have to make in life. The balance each person chooses depends woorks a number of things. First of all. There are only 24 hours in a day. Most people need eight hours sleep. None of us are robots, so we all need some time to rest and switch off from work. This also brings down the possible number of working hours. Then, of course, money plays a role. The way money influences working hours, though, is quite complicated.

It can be separated into two effects: the income effect and the substitution effect. The income effect works like this: People’s time is a resource. It they give up that resource for work, they need compensation.

This is usually in the form of a wage for hours govednment. The more compensation they gel for each hour worked, the less they will need to work People with higher rates of pay wages can afford to have. So far. However, are people happy just silling at home and enjoying themselver? It depends on what they’ll lose.

In other words, it depends on the opportunity cost of not working. As the hourly rate for work increases, the cost of not working also increases. This means that as the wage rale increases, people want to work more hours.

This is called the substitution effect. But the substitution effect also has a limit. Eventually, people will not work more hours, no matter. Sometimes it is difficult for companies to find a certain kind of worker.

Perhaps there are not many people with the whg skills. Or perhaps the company is in a place where there are not many available workers. In these situations, even if employers double the wage rate, they will only attract a small. In the opposite situation, when it is easy for companies to find workers, the labour supply becomes clastic.

Now listen to someone answering these questions. You will hear four reasons for differences in pay. What are they? What affects demand for labour? What affects the supply of labour?

What motivates people to work? We are looking for suitably qualified and experienced team loaders for our summer camps for young children aged seven to. Children come from all over Europe to our camps and take part in a variety of outdoor activities camping, canoeing, climbing, trekking. Suitable candidates should have proven experience of working with this age group and have the necessary skills and qualifications.

I am writing in response to od advertisement in I would like to apply for the post of Furthermore I have the relevant experience you are looking. For the last five years I have I enjoy working with This will be an opportunity to Talk with your partner about what the photos show and why each thing is necessary for an economy.

Hut how will you turn your Idea into reality? First of all you’ll need raw materials to manufacture governmen — probably oil and metal, but govwrnment paper mone packaging. You can’t produce it by yourself, so you’ll need people to help you make it. Finally, your staff will need a factory and machines to produce. In short, you need the factors of productions: land, labour and govern,ent. The factors of production arc the starting point for all economies. No economy can exist without. The most basic of the factors is land.

When economists talk about land, however, they don’t maie mean space to build on or fields to grow crops. Land means everything that nature provides and we can use for production. The land factor includes raw materials like coal, metals, oil and timber.

It also includes things like water, fish and salt. The second factor is labour. Haw materials will just stay in the ground unless people dig them out and do something with.

Similarly, factory machines will sit doing nothing Without people to operate .

Why they make so much

The BEA presents data for 19 major private industries, as well as state and local government. Alert box notification is currently enabled, please follow this link to disable alert boxes for your profile. Related: How income inequality hurts America. No Compounding of Premium Pay Each separate entitlement to premium pay is computed separately as a of Premium Pay percentage of an employees rate of basic pay. This would both directly save money and further reduce the demand for doctors, putting more downward pressure on their pay. In the case of an audit, an employer must be able to prove payment of overtime that meets FLSA requirements. This email address is already subscribed. Your business must comply with these minimums, but you may decide to pay employees at a higher rate, and for overtime starting at lower hours per week. Sign Up. By Jean Murray. But the official rate hides more troubling realities: legions of college grads overqualified for their jobs, why do government works make so much money growing number of contract workers with no job security, and an army of part-time workers desperate for full-time jobs. The more recent shift in bargaining power from workers to large corporations — and consequentially, the dramatic widening of inequalities of income, wealth, and political power — has had a more unfortunate and, I fear, more lasting consequence: an angry working why do government works make so much money vulnerable to demagogues peddling authoritarianism, racism, and xenophobia. In private industry, if expenses exceed income, management must cut costs and raise revenue. But wide disparities in the cost of living in different parts of the country — and even within individual states — complicate the policy debate. Inunion membership hit its lowest point since the current data series began in the early s, falling below Over the past year it not only ruled against public employee unions but also decided that workers cannot join together in class action suits when their employment contract calls for mandatory arbitration. Generally the revenue increase comes from adding new customers, not raising prices.