Why do you find variations in the wage-rates across different professions? Give reasons as to why a professor is paid higher salary than a school teacher?
Introduction Wages are the monetary rewards given to labour for their services. However, not all workers earn the same wages. There are significant variations in wage-rates across different professions such as engineers, doctors, teachers, or factory workers. These wage differences exist due to several economic and non-economic factors. In this answer, we will explain why […]