Identify and State the Historical Significance of the Following

question 70

Short Answer

Identify and state the historical significance of the following:
-Lake Bonneville

Recognize the impact and causes of employment discrimination.

Describe the principle of economizing and its necessity.

Differentiate between the terms full employment and full production and their indicators.

Identify the economic reasons behind scarcity and the economic problem.

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Definitions:

Compensating Differential

A difference in wage rates designed to offset the desirability or undesirability of a job's attributes.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.

Compensating Differential

A difference in wages that arises to compensate workers for non-monetary differences in different jobs, such as risk or undesirable location.

Hazard Pay

Hazard Pay is additional compensation provided to employees for performing work that is dangerous or involves risk.