Two of the ten principles of economcis that help explain how wages are determined in a market economy are #1, People Face Tradeoffs, and #7, Governments Can Sometimes Improve Market Outcomes (Mankiw, 2004). Consider these principles when completing your assignment. Think of how they apply to the labor market for nurses. • Research the labor market for any state to determine how nursing wages are calculated. Use the Internet for this research. • Write a 700- to 1,050-word paper in APA format, in which you: o Cite the state and the URL of the Web site used in your research. o Discuss which factors could influence the supply and demand of a nurse’s position. o Discuss how a nurse’s pay is determined and how the salary is structured. o Discuss what your chosen state can do to increase the supply of nurses.
