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  • Economics Homework Page 37

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    This document discusses three economic topics: 1) How supply and demand determine resource allocation in a free market, 2) Income inequality in America where a small percentage holds most of the wealth, which is generally acceptable if those with more skills earn more but not if only a very few earn very large incomes, and 3) Migrating workers from the UK to the USA could earn higher incomes depending on their skills but would lack benefits and welfare available in the UK.

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    This document discusses three economic topics: 1) How supply and demand determine resource allocation in a free market, 2) Income inequality in America where a small percentage holds most of the wealth, which is generally acceptable if those with more skills earn more but not if only a very few earn very large incomes, and 3) Migrating workers from the UK to the USA could earn higher incomes depending on their skills but would lack benefits and welfare available in the UK.

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    9 views1 page

    Economics Homework Page 37

    Uploaded by

    rehman118
    This document discusses three economic topics: 1) How supply and demand determine resource allocation in a free market, 2) Income inequality in America where a small percentage holds most of the wealth, which is generally acceptable if those with more skills earn more but not if only a very few earn very large incomes, and 3) Migrating workers from the UK to the USA could earn higher incomes depending on their skills but would lack benefits and welfare available in the UK.

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    Attribution Non-Commercial (BY-NC)
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    Rehman Mahmood

    Economics Homework Page 37 6/10/09

    1) In a free market the allocation for resources is determined only by their supply
    and the demand for the.

    2) In America, a lower percentage of the people have a higher percentage of the


    wealth.

    B) Income inequality is desired in most cases as the workers with greater


    skills or education should receive a greater income. However, it is not as
    desirable when only a very small percentage of the population is getting a
    very large income.

    3) Workers considering migrating to the USA from the UK could possibly get
    a higher income depending on their skills and education. However, the
    drawbacks to working in the USA would be the lack of benefits and welfare.

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