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Below are five explanations for differences in compensation: winner-take-all (WTA), human capital (HC), occupational crowding (OC). location and lifestyle (LL), and efficiency wages (EW).
Sort each scenario into the correct explanation.
1. The average base pay for a UPS driver is $27.83 an hour, whereas the average base pay for a FedEx driver is $22.83 per hour.
2. An attractive waitress earns more tips than do others.
3. An engineer working on an offshore oil- drilling rig earns $100,000.
4. An engineer working at an onshore oil drilling location earns $70,000 Nick Saban, the head coach of the University of
5. Alabama football team, earns a salary of $8.3 million.
6. The head coach at Georgia State University earns just over $500,000

Sagot :

Answer:

See explanation

Explanation:

1. The average base pay for a UPS driver is $27.83 an hour, whereas the average base pay for a FedEx driver is $22.83 per hour. = Efficiency wages (EW)

Efficiency wages refers to the above-market wages that are paid by employers so as to motivate their employees and improve productivity.

2. An attractive waitress earns more tips than do others. = Human capital (HC)

Human capital refers to the stock of knowledge, habits, skills and personality attributes that are embodied in individuals which make them produce economic value

3. An engineer working on an offshore oil- drilling rig earns $100,000. An engineer working at an onshore oil drilling location earns $70,000

= Location and lifestyle

Some jobs involves more risk than other jobs. In this case, an onshore project will be paid less than offshore workers.

4. Nick Saban, the head coach of the University of Alabama football team, earns a salary of $8.3 million. The head coach at Georgia State University earns just over $500,000 = Winner takes all.

ogorwyne

1. This difference between the UPS and the FedEx driver is classified as Efficiency wage.

Efficiency wage is where a firm would choose to pay its workers above other firms. The objective is to motivate the workers.

2. The attractive waitress getting more tip is Human capital.

This is because certain characteristics are favored above others in some fields.

3. The engineer in the offshore earns $100000 while the engineer onshore earns $70000, this is an example of LL, location and lifestyle.

Some jobs are known to carry more risks than others. Those that are offshore are more likely to experience more risks than those onshore.

4. Nick Saban of University of Alabama earns $8.3 while head coach at Georgia university earns $500000 because of WTA, the winner takes it all.

Those that are professional players that belong to big leagues are known to receive more pay than those that belong to minor leagues.

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