QuestionAugust 5, 2025

Question 2 (15 points) Discuss fair wages and income inequality as outlined in chapter 15. what do these terms mean and why are they important? Please offer an example of each. square

Question 2 (15 points) Discuss fair wages and income inequality as outlined in chapter 15. what do these terms mean and why are they important? Please offer an example of each. square
Question 2 (15 points) Discuss fair wages and income inequality as outlined in chapter 15. what do these terms mean and why are they important? Please offer an example of each. square

Solution
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Answer

Fair wages ensure equitable compensation; an example is paying above minimum wage to match living costs. Income inequality is the uneven income distribution; an example is the salary gap between executives and workers. Explanation 1. Define Fair Wages Fair wages refer to compensation that is considered just and equitable for the work performed, taking into account factors like skill level, industry standards, and cost of living. They ensure workers can maintain a decent standard of living. 2. Importance of Fair Wages Fair wages are crucial as they promote economic stability, reduce poverty, and enhance worker satisfaction and productivity. 3. Example of Fair Wages An example is a company paying its employees above the minimum wage to match the local cost of living, ensuring they can afford basic necessities. 4. Define Income Inequality Income inequality refers to the uneven distribution of income within a population, where some individuals earn significantly more than others. 5. Importance of Income Inequality Addressing income inequality is important because high levels can lead to social unrest, reduced economic mobility, and hindered economic growth. 6. Example of Income Inequality An example is the disparity between executive salaries and average worker wages in large corporations, where executives earn exponentially more than their employees.

Explanation

1. Define Fair Wages<br /> Fair wages refer to compensation that is considered just and equitable for the work performed, taking into account factors like skill level, industry standards, and cost of living. They ensure workers can maintain a decent standard of living.<br /><br />2. Importance of Fair Wages<br /> Fair wages are crucial as they promote economic stability, reduce poverty, and enhance worker satisfaction and productivity.<br /><br />3. Example of Fair Wages<br /> An example is a company paying its employees above the minimum wage to match the local cost of living, ensuring they can afford basic necessities.<br /><br />4. Define Income Inequality<br /> Income inequality refers to the uneven distribution of income within a population, where some individuals earn significantly more than others.<br /><br />5. Importance of Income Inequality<br /> Addressing income inequality is important because high levels can lead to social unrest, reduced economic mobility, and hindered economic growth.<br /><br />6. Example of Income Inequality<br /> An example is the disparity between executive salaries and average worker wages in large corporations, where executives earn exponentially more than their employees.
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