1) prepare down the differences between the nominal and real wages.

2) Specify and describe those factors which have led to the increasing level of real wages within the U.S. historically.

3) Evaluate the equilibrium wage rate and employment level when provided the suitable data for the firm that is operating in the solely competitive product and labor market; the firm operating in a monopolistically competitive product market and the purely competitive labor market; and a firm that is operating in the purely competitive product market and the monopolistic labor markets.

4) describe how wage rates are find outd graphically in the purely competitive and monopolistic labor markets.

5) State the methods that are used by the labor organizations for increasing the wages and impact each has on the employment. describe the specific exs.

6) describe graphically how an inclusive union and an exclusive (craft) union would affect the wages and employment within the previously competitive labor market.

7) Describe and illustrate determination of wage within the bilateral monopoly model, graphically.

8) describe the main points in the cases for and against the minimum wage.

9) Describe the demand factors which create the wage differentials.

10) Describe the supply factors which will generate the wage differentials.

11) describe the salary systems where the pay is associated to the performance rather than to the time.

12) describe the negative side effects of the poorly planned incentive pay plans.