Content:
Supply and Demand
Student`s Name
Institutional Affiliation
Question 1
The labor market, just like all markets, wages and rents are determined by the forces of demand and supply. In the world of professional sports, the principle of demand and supply determines how many sports personalities are hired at a given time and the remuneration they receive from the club that hires them (Boaz, 2009). However, at any given time, some professional athletes earn higher remuneration than their colleagues because they are extremely talented and their skills are highly valuable to the club. Such athletes tend to be the most sought-after by club managers which means their demand is high among the sports clubs and their professional profile is very outstanding (Boaz, 2009). To make them feel adequately compensated for their great contribution to the victory of the club or team and to prevent them from moving to other better-paying clubs, team managers have to pay such ath
...
