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How are wages determined in the U.S.? What are the most significant trends in wages over the past five years? Your answer should address the

How are wages determined in the U.S.? What are the most significant trends in wages over the past five years? Your answer should address the following:

  1. Demand for labor
  2. Minimum Wage legislation
  3. Role of Unions
  4. Outsourcing of jobs

Key points to be addressed in the paper:

  • Determinants of the demand for labor at the firm and market levels
  • What causes the demand curve to shift
  • Consequences for the wage rate
  • The effect of minimum wage legislation on market equilibrium
  • Effect on demand and wage rate of outsourcing jobs
  • Role of unions in wage determination - direct and indirect

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