Wage Differentials Assignment | Do My Homework Paper

In this activity, we learn more about wage differentials or the difference in wages received by one group of workers versus another. We consult the Occupational Outlook Handbook as we profile and compare a variety of occupations to determine what factors drive wages and benefits accruing to individuals in these professions.

Background:

In compiling median pay of individuals working in various industries, the United States Bureau of Labor Statistics (BLS) found in 2019 that a service worker earned a median pay of $24,990 for those in animal care to $58,310 for individuals managing funerals. A college degree is not required for this category of occupations. A bachelor’s degree is, in most cases, required for an individual to gain employment as a reporter, who earned, on average, $46,270 in 2019. An individual employed as an aerospace engineering technician requiring an associate’s degree earned a median pay of $66,020 in 2019. The median pay of a chemical engineer with a bachelor’s degree was $108,020 in 2019. The median wage for all workers was $53,490 in 2019, according to BLS data.
Many factors explain wage differentials. In this discussion, we explore a variety of occupations and factors determining median wages in these occupations. One of these factors is addressed in the Application-Based Activity for this module, titled “Marginal Product of Labor.”

Have you ever wondered what a character actor or a contact tracer does or how much they are paid? The Occupational Outlook Handbook, published by the Bureau of Labor Statistics of the U.S. Department of Labor, describes these and many other occupations and professions. This “Handbook” includes articles, data, and information on a variety of topics related to occupations and industries, pay, and benefits. This material is published by BLS to aid students, career counselors, job seekers, and others planning careers. It includes four sections:

Feature articles presenting an in-depth look at a range of career topics.
You’re a what? Exploring unusual occupations through the work of someone in that occupation.
Interview with a… describing, in question and answer format, a specific worker’s career path.
Data on display presenting data on employment and other topics in a graphic format.

Your Role:

Suppose you are an occupational analyst working for your state department of workforce information services. You are asked to profile interesting occupations for a handbook distributed at employment fairs and high school counseling departments across your state. The set of profiles you compile will also be released as part of the state’s “Career and Technical Education” week. You plan to utilize the Bureau of Labor Statistic’s Occupational Outlook Handbook in compiling profiles.

Initial Post

In an initial post, produce a profile of an occupation or profession of your choice. Assume that this will be distributed widely and is intended to invite interest in the featured occupation or profession. Include:

Basic Characteristics of your featured occupation or profession:
Typical duties associated with this occupation
Median Salary
Entry-Level Salary
Opportunities for on-the-job training
Number of Jobs and Projected Growth Rate for this occupation or profession
Career Outlook
An explanation of the data based on the Theory of Wage Differentials and/or Imperfect Markets using any two of the following:
Marginal Revenue Productivity
Compensating Differences
Noncompeting Groups

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