(SOLUTION) ECON312N Week 2 Discussion: Demand, Supply, and Market Equilibrium for Labor and Wages

Required Resources
Read/review the following resources for this activity:

  • Textbook: Chapter 3, 4, 5
  • Lesson
  • 1 source including local wage information (can be the BLS site)
  • Minimum of 1 scholarly source (in addition to the textbook)

Optional Resource

Introduction
Research the local job market including the wage for the position you want when you graduate. Data is available from the Bureau of Labor Statistics; however, you can use other wage information sources. In your post, address the following:

  • Indicate the position, the national average wage, and the wage in your specific geographic location.
  • Examine the factors that influence the wage.
    • What specific local factors influence the wage and in what direction?
    • What national factors influence the wage and in what direction?
  • Was the data what you expected? Why or why not?
  • How does this information impact your choices about your future career and employment or relocation plans?

Follow-Up Post Instructions

Respond to at least one peer. Further the dialogue by providing more information and clarification.

Writing Requirements

  • Minimum of 2 posts (1 initial & 1 follow-up)
  • Minimum of 3 sources cited (assigned readings/online lessons, a local wage source, and an outside scholarly source)
  • APA format for in-text citations and list of references

SOLUTION

According to U.S. Labor and Statistics, the national mean hourly wage for registered nurses is $38.47 (bls.gov, 2021). The mean hourly wage for registered nurses in the Tampa/St. Pete/Clearwater area is just below the national mean wage, coming in at $34.28 (Bureau of Labor Statistics, 2021). I am not very surprised that the Tampa area is a little less than the national average due to population. This area is growing at a rapid rate and rumor has it that our population is gearing upwards of Miami in size.

I do believe that the factors that are associated with the influence of wages locally and nationally can be a little different within this past year with the pandemic. Nursing, nationwide, had a large shortage, therefor it forced organizations to introduce lucrative compensation packages to attract nurses from all over. Please click the purchase button to access the entire copy at $5