Black one os the question, and the red one is the hint about how to answer the q
ID: 1116523 • Letter: B
Question
Black one os the question, and the red one is the hint about how to answer the question.
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6. Income inequality a. Please explainthe factors that have contributedto increasedincome inequality since 1969, i, Discuss each ofthe following as it contributes to increasedincome inequality. 1. Greater demandfor high skilled workers 2. Demographic changes 3. Intemational trade, immigration, and the dedine ofunionism 4. The great recession of2007 5. Any other factors that you canidentify b. What are 6 results ofthe growing income inequality in America. c. Whatcanwedotocorecthissrowingproblem?. For each ofthe items listedabove, discuss what might be done to eliminate the problems thatcause growingincome inequality d. Explainhow discriminationreduces domestic output andincome, i Look at the items under Discrimination in the notes and discuss howeach contributes to the reduction of domestic output and income. e. ExplainthedifferencebetweenSociallnsurogamsanublic Assistance Programs, and Social Insurance 1. What is it?Explanation / Answer
A) Following are some of the factors that have contributed in increased income inquality:
Greater demand for high skilled workers:- Since 1969 the products and services offered come with varied choices ie., in different varieties and also the growing demand for goods and services with different qualities so that a firm outperforms it's competitors. Thus, a firm requires high skilled workers so that work can be carried out effectively and efficiently.
Demographic changes:- It refers to different incomes offered to different sectors of population. Generally higher income level are offered to the young population beause of their high energy levels.
International Trade, immigration and decline of unionism:- Due to high international trade the income level disparity has risen as more incomes are offered to people with greater skills and talents and also immigration has lead to increase in the population with people with varied skills and talents , which led to varied income levels as people with high qualifications are offered high income jobs. Unionism refers forming a trade union, it's decline has also led to income disparity as people are not protesting against such discrimatory practices.
Great recession:- Due to the great recession 2007 which happened maily due to financial regulation failure and failure or non efficiency of corporate governance many people suffered income disparity as many poeple lost their jobs and thus very few people weer left with jobs.
B) Due to growing income disparity the following results have taken place:-
The GDP has greatly been affected
America's economy has been negatively affected and has seen a downfall
People have lost jobs and have protested.
Due to loss of jobs people have no money to take care of their needs
C) To correct the problem of income disparity following measures can be taken:-
People should be told to develop new skills so that they can perform their jobs more efiiciently
People with more age should be experienced enough to compete with the youngsters and thus leading to no or minimal income disparity.
Jobs should be provided according to the qualifications and their should be some reservations inthe jobs so that each sector of people can get jobs.More jobs should be added each year.
Measures should be taked so that the same financial failure may not result again.
D) Discrimination can be on the basis of caste, creed, sex or it can be inside the work premises or outside.It can greatly affect the working situation and output level. As it poses various threat and provides a hostile work culture to work in. Thus, people are not able to work more efficiently and comfortably which affects the output and ultimately their income level.
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