ECN-601 Economics- Effect Of The Monopsony Of The Local Economy

ECN-601 Economics- Effect Of The Monopsony Of The Local Economy

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ECN-601 Economics

Task

Note: Treat Part A, Part B, Part C, & Part D As Separate Entities meaning

Please Place the reference(s) used for each section after the specific section it belongs to. Do Not clump all references at the bottom, as this is not a formal paper. I won’t know which reference(s) goes with part A or which goes with part B unless part A reference(s) are after the part A section & same goes for part B, C, & D.  No title page or page numbering, etc. needed, only the information typed & sent. Do not use boxes or shading around references, etc.; this hinders copying/cutting and pasting. Complete the references in APA style.

Part A  Due Saturday May 30, 2020 @ 10pm

Discuss the importance of analyzing competition within an industry to better appeal to potential candidates. How can an organization use incentives to ensure it appeals to the employees it wants to hire?

Use at least one reference & use in-text citation.

  • Must be at least 150 words
  • No particular style is required (though references must be in APA form)
  • Please use proper paragraph structure when responding. (informal—no title page needed)
  • If you have more than one main idea in your paragraph, then start a new paragraph.
  • Ensure each question has an answer
  • Include in-text citation and references at the end specific to Part A

Part B  Due Saturday May 30, 2020 @ 10pm

Discuss how wages are determined in labor markets. Explain how a monopsony market structure is affected by a price floor (minimum wage), and what is the effect of the monopsony of the local economy?

Use at least one reference & use in-text citation.

  • Must be at least 150 words
  • No particular style is required (though references must be in APA form)
  • Please use proper paragraph structure when responding. (informal—no title page needed)
  • If you have more than one main idea in your paragraph, then start a new paragraph.
  • Include in-text citation and references at the end specific to Part B

Part C  Due Saturday May 30, 2020 @ 10pm

Respond to the following post from a student. May respond in any manner desired as long as the responds is clearly a response to the information contained in the Part C post below.

Use at least one reference & use in-text citation.

  • Must be at least 150 words
  • particular style is required (though references must be in APA form)
  • Please use proper paragraph structure when responding. (informal—no title page needed)
  • If you have more than one main idea in your paragraph, then start a new paragraph.
  • Include in-text citation and references at the end specific to Part C 

In a competitive environment, it is important for organizations to keep an eye out of their competitors in order to discover potential weaknesses. Analyzing competitors helps increases the chance of the business or company growth and identify different abilities that are required to compete with market leaders. SWOT (Strength, Weakness, Opportunity, Threat) and PESTEL (Political, Environment, Technological, Legal) are analyses that help businesses and companies identify their strengths and weaknesses of one’s company as well as the competitors (Mindtool, 2020). SWOT analysis is useful as it helps businesses learn from various failures and it forces the company to face obstacles, problems, and challenges. Failures help companies build strength and grow to be able to face the next or upcoming obstacle (Mindtool, 2020). PESTL analysis is beneficial as it is helpful in winning relationships and also helps identify the competition and take lessons by learning from failures and be ready to face more challenges. In any work environment when an employee attains a reward for any that will increase their efficiency cash flows and also help profit the company. Many employers have monetary rewards like cash or promotions which helps make sure a job is secured. Rewards that are not effective or have real benefits can cause employees to not be satisfied with work and decline in the organization from simply believing they deserve better. Companies can start small on incentives and be simple by making sure their employees feel appreciated by rewarding employees who meet criteria, individualize employee rewards for ones that stick out, and practice saying thank you.

The following are the reference the student reported using:

Midgie, Dere, & Mind Tools Content Team. (n.d.). SWOT Analysis: – How to Develop a Strategy For Success. Retrieved May 28, 2020, from https://www.mindtools.com/pages/article/newTMC_05.htm

Part D  Due Saturday May 30, 2020 @ 10pm

Respond to the following post from a student. May respond in any manner desired as long as the responds is clearly a response to the information contained in the Part C post below.

Use at least one reference & use in-text citation.

  • Must be at least 150 words
  • No particular style is required (though references must be in APA form)
  • Please use proper paragraph structure when responding. (informal—no title page needed)
  • you have more than one main idea in your paragraph, then start a new paragraph.
  • in-text citation and references at the end specific to Part D 

Wages are determined in labor markets based on the wage floor. Minimum wage or the wage floor is set in subgroups such as teenagers or workers in food service and they impact the entire workforce (Hyde, 2008). Instead, the article suggests that the wage floor should focus on job creation (Hyde, 2008) Monopsony market structures end up mirror the trend of the minimum wage rather than making wages specific to their market. Wages are also determined by how employers are paid in similar fields. This means in a monopsony market no similar employers are established to compare against resulting in a “free for all” on wages typically at the expense of the laborer. For example, monopsony can create the wage below the marginal wage of the result of the labor. As a result, investment in human capital is lower resulted in a decreased growth rate. Both the growth rate of the industry and the human capital are not desired (Barr & Roy, 2008). The local economy therefore never flourishes and stays stagnate.

ECN-601 Economics

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