Diamond-Water Paradox
The diamond water paradox is a classic example of the numerous paradoxes that can be seen in everyday life. According to the diamond water paradox, the cost of diamonds is more than the cost of water despite the fact that water is essential for human existence while diamond is more of an optional luxury item. A good application of this paradox is the difference in the wages of essential employees like teachers and firefighters as against that of the sporting athletes. While the salaries of teachers, firefighters, policemen and other essential services workers are low, those that of the professional athletes is high. So, what is the reason behind this discrepancy? The analysis below will throw more light on this difference.
Wage determination
The first step to understanding the paradoxes that exist in salaries is to understand how wages are determined. Many factors are taken into account while determining the wage among different professions. One factor is the amount of risk that is taken by a person in fulfilling his or her responsibilities on the job and in general, the higher risk a person takes, the higher will be the salary. The second factor is the difference in the level of skills between individuals. The person who has higher skills will be paid higher because he or she is better equipped to perform a job satisfactorily and also the demand for skilled workers is likely to increase over a period of time when compared to that of...
Differentiations are always brought up by the contemporary mainstream economists and their theories regarding ontological questions and assumptions or mere recognition regarding conformity of preference structures regarding some rules can be approximated usefully. This is done by the commodities' association or there quantities uses. Taking into account that preference can as well be taken as a usefulness determinant, departing of this conception from the usefulness concept should not take place.
Professional Athlete Pay Wages, like other prices, are determined most basically by supply and demand, and this basic understanding allows for the explanation of two apparent paradoxes both dealing with large gaps between perceived value and relative cost: the gap between teacher's salaries and those of professional sports players, and the difference in price between water and diamonds. While one might be tempted to view the two gaps as of a
Physical Science Elemental Isotopes and Allotropes The 19th century discovery of the periodic table of the elements by Dmitri Mendeleev gave an organizing principle to understanding the structure of the atom, and deriving atomic weight. On the periodic table, the lighter elements have atomic weights which correspond to whole numbers. Hydrogen has an atomic weight of 1, which corresponds to the idea that it has only one proton (and the weight of
The outcome of all of this was a rock concert which -- aside from the actual happenstance of performances -- was heavily controlled by the interest of the filmmaker. Though various aspects of the concert-attendance experience indicate that great care was paid to the appeal of the event itself, there is an explicit self-consciousness on the part of the subject as to the grander intention of the captured film
Therefore, corporations have had to change their viewpoints and start looking at the long-term consequences of their behavior, as well as looking at the bottom line. Businesses also have to be concerned because consumers have also become aware of environmental concerns, and many consumers are demanding earth-friendly products and have shown a willingness to pay more money to competitors who observe environmentally-friendly practices. Interestingly enough, this demand has given rise
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