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Homework answers / question archive / Consider all this: We are now in the section discussing labor markets, labor supply, labor demand, and wages, among other items
Consider all this: We are now in the section discussing labor markets, labor supply, labor demand, and wages, among other items. There are tremendous differences in remuneration. Baseball players get paid millions of dollars to perform their expected on-field and off-field duties, maintain their physical condition, support their clubs, and so on.
In comparison, the median pay for teachers in NYS is only about $80k. If the average NYC public school teacher teaches 35 students per class per year x 6-8 classes per year and does that for 10 years, he/she has touched the lives of thousands of young people helping to develop their intellect. Although NYC public school teachers are paid approximately double the median wage for the nation, it still does not seem like much in comparison to professional athletes. From this unit's chapter, what's one factor that explains the disparity between NYC teacher pay and Yankee's payroll?
Answer:
Both Athletes and teachers are the part of society and adding values for the economy and the society also. As rewards for these are different and athletes get much more as compare to teachers. Teachers touched the lives of thousands of young people helping to develop their intellect. Otherside
Here, athletes belong to entertainment industry and teachers belong to education industry. Teachers touched the lives of thousands of young people helping to develop their intellect.But another side players also add more value in our culture. Some time, when they represent a country and win matches, became a role model and a proud for their countries. A game or a matche is connected with emotions and feelings for the people.
In terms of economic theory, here the gap between this salary is difference between supply and demand. The supply of athletes is very few as compare to teachers. In the real world, there are relatively very few a good athletes who help out in generating or generate a huge amount of revenues for their employers, the team and stadium owners. So, a good athletes have own brand images and brand values and the employers paid for that.
