What Does It Take to Professionalize an Occupation

question 109

Multiple Choice

What does it take to professionalize an occupation?

• A) removing all gender discrimination from the profession
• B) securing legitimacy through public and government approval
• C) getting a university degree from an accredited institution
• D) competing with other services that have different qualifications

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Definitions:

Real Average Hourly

Real Average Hourly refers to the measurement of average hourly earnings adjusted for inflation, providing a more accurate depiction of purchasing power over time.

Wages

Compensation received by employees for their labor, typically quantified as per hour, day, or unit of work completed.

Winner-Take-All Markets

Markets in which a small number of sellers or creators receive a large majority of the rewards, leaving little for others.

Substitution Effect

The economic principle that as the price of a good decreases, consumers will substitute away from higher-priced goods, and vice versa.