Introduction economics Essay Example | Topics and Well Written Essays - 1750 words

Introduction economics - Essay Example and S. Brue, 2005). That people have different mental, physical, and aesthetic talents are verifiable realities. That some have who may have inherited the exceptional mental qualities and that are essential to such high paying occupations such as corporate leadership and medicine (McConnell. and S. Brue, 2005; Frank, 1996; Jennings, B. et al, 2002). Others are also gifted or borne with the physical capacity and coordination to become highly paid professional athletes. Further, one can observe that a few have talents can aspire to actually become artists and musicians while allowing the others to have beauty to become to fashion models (McConnell. and S. Brue, 2005). Unfortunately, others have weak mental talents and may spend their lives working in low-paying occupations. In some cases, they may be unluckily incapable of earning any income at all. The rest of people may have intelligence and skills that come between two the extremes. People differ also in terms of education and training. Some people have native ability, and some people might further develop and refine their talents capabilities through education and training. With difference in education and training their capacity will also vary to cause them to have varying income. Companies employing discrimination in hiring also causes in equality in income. As in the United States, discrimination could restrict racial and ethnic minorities to low-paying occupations (McConnell. and S. Brue, 2005). The reality of preferences and risks chosen by different people (Bonvin and Farvaque, 2005; Esters and Ledoux, 2001; OHalloran and Linton, 2000) for work relative to pleasure, to work in the household and the types of market work definitely will cause differences in income as riskier jobs would normally get paid higher. Wealth produces income and the unequal distribution in the former could be factors in causing inequality as well in income distribution. A wealthy person who