m DIRECTIONS: Read the Rossano Ferretti interview to answer the questions below on how hm ' productivity led to higher pay as a hairstylist. The average Professional soccer player gets paid $3 million per year. PIOfESSWIIal soccer players and Rossano Ferretti, \"the most luxurious hairdresser in the world, get hlBh-Wf'ges because they are in high demand in their labor market and because they are 5199013115\"- Google Rossano Ferretti's name and read his story of how he became a specialiSt starting at the a e of 19 from a small town in Ital . We're all aware of the transformative powers of a good haircut, and I read that you charge up to $1.500 for a service. Is that true? That's a pretty expensive haircut! My hair salons charge from $155 to $250 for a haircut. but if you want me, you have to pay extra. But I'm also not usually available. How did you build that clientele at the age of only 19? You spent years developing your signature technique, The Method. Can you explain exactly what that is? You start to cut hair and people talk about you. It's all about word of mouth. It's all based on that; I open my salons based on that. I wanted to change many things in my industry. One of the things was what a salon looks like. Twenty-ve years ago, I opened my Parma salon, which was a beautiful apartment, and then ve years later, I did my Verona salon. These two salons changed the hair world; now, you see many apartment salons, you see many that want to be an apartment, but I was a pioneer. Balayage was something 1 did in 1997, and it really changed the concept of color it was the rst really organic [way to do] hair color in terms of technique and results. But the salon and color all come from the cut: My invisible haircut is really the result of a phenomenal technology that I've been developing over the years. Every hairdresser was [cutting] hair the geometrical way. Triangle, square or layers it was always very geometric. I realized one day that if you don't follow the natural shape of the hair, and you don't go with the hair, following with your body and your movement with the scissors, you'll never get the [right] result. It took me 15 years to deve10p it, and then it took another 10 years to build a team and to teach them. So basically, I spent over 20 years of my life on a haircut. What would be your advice for someone who wants to have a career in beauty and hair styling? If someone wants to become a hairstylist today, I think you really have to look at your heart and see how passionate you are. This business is based on two things: heart and passion. It's about your aesthetic sense. Many people want to be architects, but can't design a beautiful house. Many people want to be hairdressers, but can't design a beautiful haircut. You have to have a sense of proportion, and can never be tired of learning. I learn something new every day. You have to do a lot of research and you need to know who you are very well because if you want to make people happy, you need a certain work ethic. How does Rossano Ferretti get paid like a professional soccer player? Pretend you are Rossano Ferretti giving advice to a friend who wants to become a hair stylist. In 2-3 sentences explain to your friend how he overcame the traditional supply and demand in labor to be a millionaire. \"mg California Economics LEP 2 HS - LL Economics (2021) 24 Lesson 3: Equilibrium, Elasticity & Incentives ENGAGE Performance Task I can understand and explain how supply and demand impacts me. Lesson Goal Understand how supply and demand impacts decisions made by consumers and suppliers. Lesson Activities Quick Response Elasticity and Inelasticity Price Supply and Demand Determines Pay Additional Research Resources O Lesson 4 Review Lesson Vocabulary The definitions of the words in bold below are in the Glossary in the back of the LEP. Elasticity Incentives Equilibrium Law of Diminishing Returns Background In the United States, prices are determined through an interaction between consumers and producers. This interaction is between customers demands for goods and services and businesses supply of goods and services. You will learn how these factors influence what we buy and sell. Quick Response DIRECTIONS: Read p. 110-113 in your textbook and finish the sentences below regarding how each of these factors affect the demand of goods. What is the purpose of understanding demand? How does price impact demand? lifelong California Economics LEP 2 HS - L4L Economics (2021) 18Supply and Demand Determines Pay EXPLORE DIRECTIONS: Read the information below. This information will help you answer the questions at the end of this lesson. As mentioned on the previous page, supply and demand has an impact on how much people get paid. Here is a breakdown of how it works: DEMAND: Businesses want to hire people who will make a lot of money for them in a short period of time. These type of workers are more productive than the other workers. Therefore, workers who can pull in big bucks for a business will be more sought after (the demand for them will be higher), and the way for businesses to attract these workers is to offer them higher salaries. SUPPLY: But this is only half of the pay picture. On the other side is how many big-bucks workers there are. If they were everywhere (the supply was large), then even though each worker was very productive, companies wouldn't have to work very hard to hire the workers, meaning salaries would be modest or low. PAY: The combination of big demand and small supply results in a gigantic paycheck for the workers. If you want to earn a lot for your work, do something that many people place a high value on, and be one of only a few who can do it. 1. What is "big demand" and "big supply"? 2. How can being more productive create a bigger paycheck for you compared to other workers in your industry? soqu I claviand Sports Chant of the Day On the next page, learn how Total Salaries for First-Team/Active Roster "the most luxurious hairdresser Top 17 Sports Leagues Around the World in the world" gets paid like me KI AMA professional soccer players. ALbanmak ban Jaque Isa ROSSANO FERRETTI MISINESS INSIDER lifelong California Economics LEP 2 HS - L4L Economics (2021) 23Lesson 3 Review EVALUATE DIRECTIONS: Answer these questions below to test your knowledge of this lesson. 1. Explain the difference between price ceiling and price floor. 2. Why do economists use supply and demand? 3. What does it mean for an item to be elastic? 4. What does it mean for an item to be inelastic? 5. When it comes to pay, why do some jobs get paid higher than others? Like in the example of the doctor versus the hairstylist? Explain. HS - L4L Economics (2021) 25 LEP 2 lifelong California Economics