Assume the Average Salary for a College Philosophy Professor Is

question 123

Essay

Assume the average salary for a college philosophy professor is $50,000. Suppose businesses decide they need in-house instructors to teach ethics to employees, and they begin hiring philosophy professors at a salary of $75,000. What are the short-term and long-term effects of this supposition?

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Definitions:

Checking Deposit

A bank account that allows for the deposit and withdrawal of money for daily transactions, typically offering easy access through checks, ATMs, and electronic transfers.

Security

Measures or mechanisms that ensure the protection of data, resources, and systems from threats and unauthorized access.

Required Reserve Ratio

The fraction of deposits that banks are required by law to keep on hand as reserves, either in their vaults or at a central bank.

Create Money

The process by which the money supply of a country is increased, typically by the central bank issuing currency or through the banking system's lending activities.