Monopsony and human capital

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Q. 1. Real wages and productivity-are workers' paychecks keeping up? Over the long run traditionally, real wages grow at about the same pace as labor production. However there has a real compensation per hour which kept up with output / hour over the latest three years shown? Elucidate what you are looking for the nearly current information on percentage changes in output per hour of all persons in the business sector (labor productivity) and percentage changes in real compensation per hour.
2. By origin of the Idea, identify those who gave us the concepts of "monopsony" and "human capital," and explain what those terms mean in your own words.
3. In terms of the Supply and Demand for labor, how are the minimum wage and union wages similar and how are they different? Think about the markets for these two and use economic analysis in your answer.

Reference no: EM136929


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