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ECO365 Week4: Why Are Some Occupations Paid More than Others?

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ECO365 Week4: Why Are Some Occupations Paid More than Others?

The Economics of Labor Markets

ECO365 Week4: Purpose of Assignment

The purpose of this assignment is so students may look at the microeconomic data and other sources for better understanding of trends and determinants of the labor market.

We will look at the microeconomic data and other sources for better understanding of trends and determinants of the labor market. The Bureau of Labor Statistics (BLS) website provides public with an easy access to different statistical tools and different types of data presentation.

Assignment Steps

Select one of the following surveys as a team, from the BLS Current Employment Statistics survey (National):

  • Goods-producing Employment – CES0600000001
  • Construction Employment – CES2000000001
  • Manufacturing Employment – CES3000000001
  • Trade, Transportation, and Utilities Employment – CES4000000001
  • Retail Trade Employment – CES4200000001
  • Education and Health Services Employment – CES6500000001 

Retrieve and save a Microsoft® Excel® file and the graphs to your desktop for analysis. You will have to check the “include graph” box along the top of the page to see the graph, and you will need to copy and paste the graph separately into your Microsoft® Excel® document.

Tutorial help on Excel® and PowerPoint® functions can be found on the Microsoft® office website. There are also additional tutorials via the web that offer support for office products. 

Consider the following two articles, located in the Week 4 Electronic Reserve Readings, discussing actor salaries and hedge fund executives’ average salaries:

  • “Robert Downey Junior is Hollywood’s Highest-Paid Actor”
  • “In Tough Year, Hedge Fund Leaders Still Paid Well: Average Salary of $467M Was Half 2013, Report Says” 

Prepare a minimum 12-slide (not including the title and reference slides) Microsoft® PowerPoint® presentation-analysis with detailed speaker’s notes.  Note that any information on the slide will not count as your answer unless it is also included in the speaker’s notes.

Include an introduction slide, conclusion slide, and the following content in the speaker’s notes with appropriate headings/descriptions on the slides:

  • What are trends in the labor market for the chosen labor group for the last 10 years? Please provide the retrieved statistics in a table on the slide.
  • How a production function is related to labor demand for labor?
  • In general, explain what factors will shift the demand and supply of labor?
  • What factors affected the demand and supply for this labor group during the last 10 years? Research and report data available from Bureau of Labor Statistics (BLS) and other peer reviewed sources.
  • Why do actors and actresses earn so much compared to the chosen labor group?
  • Why do hedge fund executives earn so much compared to the chosen labor group?
  • In addition to wages, what other factors influence an individual to choose one job over another?
  • What jobs do you think have the best mix of salary and other characteristics that individuals care about based on data and research from the BLS?
  • Analyze the impact that government policies addressing income inequity and poverty could have on labor demand or supply.

Cite a minimum of 3 peer-reviewed sources in addition to the textbook and required economic data.  Failure to properly cite and reference the presentation is considered plagiarism.  See the CWE page of the Library on how to prevent plagiarism.

Format consistent with APA guidelines, including an introduction, conclusion, citations in the speaker’s notes, a title slide, and reference slide.  The correct in-text citation for the textbook is (Mankiw, 2015) and the reference is:

Mankiw, N.Gregory. (2015). Principles of Microeconomics, 7th Edition, Stamford, CT.  Cengage Learning.

This ECO365 Week4 assignment contains a PowerPoint presentation.

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