Principles Employments And State Licensing Of Electronic Commodities (Coursework Sample)

Principles governing employments and state licensing of electronic commodities. Name Institution Date Introduction: The principle that states skills and knowledge influence income would best suit the salaries earned by athletes. It clearly explains that an employer will hire workers if only employers expect to gain more than they can give. The principle further explains that also other entertainers fall in the category. 1 In his principles of economics, the cost of something is what you give up to get it. In references to the theories, the team can hire the highly paid pitcher under the following circumstances. (Gregory Mankiw) * If the new pitcher has the ability, talent and skills which brings more advantage to the team. High player’s ability and hard work means better results to the team, thus leading to more income. Low player’s ability means low performance to the team hence no profits made. * If the team does not have another pitcher who matches the standards required by the team, the bringing in a new pitcher would be necessary. There would be no need of bringing in a new pitcher if the team already has one. * If the team’s financial state allows it to bring in a new highly paid pitcher: Finances commands all activities in any organization. It would be better to evaluate the player’s salary long term effect to the team before bringing in the new player. 1 If the government of the states of New Jersey decides to pass a tough licensing examination, the market of electricians may be affected through: * Tough licensing law mostly is accompanied by high financial fines which may directly affect the capital of the electrician therefore affecting his or her strength in the current market. * The law also will ensure few licensed electricians which means that the labor source will be reduced. This factor brings in a positive effects to the few electricians rendering the services and therefore due to increased demand, installation cost will automatically rise up hence benefiting the few licensed. * The majority who remain unlicensed may end up quitting the occupation as they do not qualify to keep competing in the market due to the restrictions. Safety may not improve because, the few licensed mostly have a big law of satisfying the increased market, hence the may cause serious or minor errors during installation of the electrical gadgets. Also, if more laws are introduced, the possibility of breaking them becomes high. Example, due to high cost of installation, some may prefer illegal installations which may lead to more accidents. 2 Increasing of market price of good or service means that the firm’s business doing well therefore more labor will be required to ensure that the firm is producing more goods. Profit will command additional units of labor according to marginal decision rule. That means extra units of labor adds more to total revenue than it adds to the total cost, the firm will increase profit by increasing its use of labor. If the firm wants to make profits from the good market, then the labor must also be increased for more efficient production of goods and services. The required labor may come in different ways which can be highly skilled or medium labor. However, a balance labor must be employed to ensure proper functioning of the firm. In summary, increased price of goods and services will have a positive effect on the labor as more personnel will be required to satisfy the demand and supply of the commodity. Legislation to raise the living wage will affect firms in the following ways: * Employers of affected firms will seek to make their workforces more productive leading to fewer jobs as most of them will prefer fewer workers hence fewer wages. * The firms will end up siting more costs to the consumers so that for funds are required to pay the workers the living wa...