Economic change in Labour
How prices are created
Charm pricing
Charm pricing is when a price ends in 99 or 95 and its focus is to take the attention away from the cents and make the product's price increase. Since in many countries they do not have a coin for 5 or 1 cent the cashiers do not give them back and steal a little of money at the time.
Exclusive prices
Companies such as Apple make their products cost lots of money so having apple materials or devices can show in public that you have the money to afford it. The exclusivity behind apple shows why they cost a lot more than most of other technological rivals. The font, colour and how big the price is written matters, and the easy vocabulary is key.
Subscriptions
Websites usually give 3 option the one for week, month and year paying and the yearly one usually has a discount to make people think it costs less but it doesn't because if a gym costs 3 dollars per day it seems like nothing but a lucky average person goes 10 times per month making the other 20 for each month useless and making all of that money disappear and going into the company's profit.
(Sales) video
People like to call sales marketing because it sounds professional.
When there are deals buy one get one free your brain does not think and just sees the word "free," so people do not mind the price. Bosses and employees tend to put unthinkable prices on display but then reduces them drastically to make the customers think it's a great deal even if you were planning to spend less
How do you calculate food price
3 types of costs:
Rental cost, Labour cost, Food cost
3 Benefits of being able to calculate food costs:
1°.Strategize and engineer new menu: For example if you spend 8$ for a burger and sell it for 12$ your profit is too small, only 4$, second you can tell the budget of a product to build and you can also tell how much to spend in testing the product.
2°. Running proper promotions:
If an item is not having lots of sales, stop advertising and use that money to advertise another one, and not just waste it in irrelevant promotions. When you see lots of customers at your shop try advertising other products or make your prices a little higher at the time.
3°. Chose the right season:
To make good profits you have to choose a season where that product is requested and wanted by customers to make a bigger profit.
Confronting Temu and Nike:
PROFESSIONALITY
TEMU: In a Gameboy image there is a girl holding her phone to take the picture in the reflect of the screen.
Nike: It is all professional and the images are nearly all the same and there are no people except the ones testing or advertising.
Prices:
Temu: Temu has low prices to show that they are cheap but most of their offers and products are scams, and they make you buy them by being cheap and making them seem like mega offers. Prices are lower because kids are used to work.
Nike: Nike has fair prices even if they cost a little bit more the products are high quality and most people like them because of the balance between quality and prices at Nike stores and websites.
Ads in webpage:
Temu: In the temu website you have loads of ads and free things popping up saying like "free shipping" to make people buy and there are many buttons that can lead to pages with more ads.
Nike: In the Nike website there is a tidy and organised page with no ads popping up in webpages and there are different sections for different interests of the costumers for example kids. men and women.
The European Union sued Temu for using kids to work
Chinese online marketplace Temu and fast-fashion seller Shein will handle the sale of unsafe and dangerous products on their platforms and that is why most products have a low cost is because of the child labour used for the product's creation and putting it together. A reason kids are used is that they can get payed nothing or very small amounts. Also, they have small hands and can make small details more accurately in various products which can lead to bigger profits.
Taxes and Tariffs
TARIFFS
What are tariffs?
Tariffs are taxes used by one country on goods which are imported to benefit the locally made products. Tariffs are trade barriers which raise prices, reduce quantities available quantities for the country that introduced tariffs and have an advantage on foreign markets.
How Do Tariffs Work?
Tariffs are paid when a good enters a country. If a car maker imports engines which that are after used for cars, then tariffs will raise the price for the consumer and the production cost. The costs of taxes will put in a difficult position countries which are affected by it, and it will harm their production.
Lots of businesses have distribution channels that cross various borders and all the borders that are crossed may result in higher prices due to tariffs.
DONALD TRUMPS TARIFFS
The US will introduce 25% tariffs on imported foreign cars, Trump said on Wednesday, as he announced a rapid increase in Americas trade war with his allies. The tariffs will go in effect the 2nd of April, the US president voluntarily introduced a deadline for showing numerous complementary against their partners. "This the begging of Liberation Day in America" Trump shared in the Oval Office on Wednesday evening. "If you build your car in the US there will not be tariffs". Someone asked if there was something that people especially car makers could do to take away tariffs and Trump replied" no this is permanent 100%. Donald Trump finished saying" it will force cars to be made in one location only".
Who is most impacted by tariffs
Tariffs affect majorly consumers, businesses affected by tariffs and countries economically developing.
Tariffs often have a significant impact on poorer consumers. Since tariffs mean higher prices for imported goods, individuals with limited gain, which usually spend their money on necessities, tariffs may have a bigger impact on them.
Small businesses particularly those who sell to foreign markets will face huge problems such as the consequences of the increasement of costs. Small businesses have different restrictions compared to larger companies: These limitations are not just for how much money they make but how much they can influence economic approaches.
Tariffs can stop developing countries to get introduced into the world's economy, limiting their access to the global markets and tariffs could delay their economic development. These countries with fewer resources may have difficulty buying goods due to higher prices made by tariffs.
CONNECTION TARIFFS
Tariffs are connected to labour issues because if you put tariffs on some goods imported there is more possibility that people will not going to buy the goods imported because it costs more, and they will buy the intern goods that cost less.
Taxes
Understanding Taxes
Taxes help to maintain economically services, public works and to build or maintain the countries infrastructures. The tax collected is used to improve the economy and improve the conditions where the citizens live.
In most countries of the world, the taxes that you pay are a percentage of the money you receive and the way you choose how much percentage they pay to taxes depends on their earnings.
HOW IN DIFFERENT COUNTRIES TAX WORKS
SWITZERLAND
Taxes in Swiss are divided in three major groups: Federal tax, Cantonal tax and Municipal tax. The overall substance mostly depends in which canton or in which municipal you live in.
U.S.A
The USA uses an increasing tax system, meaning taxpayers pay taxes more gradually when they receive their wages. This tax system provides more comfort to poorer people that do not need to pay a bigger amount regularly.
KEY INFORMATION
Taxes are mandatory to pay.
There are lots of ways to collect taxes but the most common is taking a percentage out of their earnings.
Understanding what precipitates, a tax situation can enable taxpayers to pay taxes because of the substantial impact on what they earn.
CONNECTION TAXES
Taxes are connected to labour issues because taxes help all industries and all jobs to work better because taxes give economical help to all jobs and make the government provide public jobs and transportation.
Why do some jobs get paid more than others
The difficulty of learning the job
Working as a cleaner at a mansion does not require any skill or sacrifice because of that we would expect their wages to be amongst the lowest as they are. The main reason that is that anyone could do it so the list of individuals who could do it is enormous.
Another example is the electrician that requires a 2-year long training. The required training means that less people are entitled to do that thus the wages get higher .The final example the doctor is the most paid job between the ones I stated because you need a degree ,a Master and in some cases extra school after that in fact the number of qualified people to be doctors is extremely low and almost nobody makes it.
Another reason that harder jobs get paid more is because they need to cover the money they spent while studying if they went and worked in a fast food as soon as they turn 15 and can drop out of school overtly they will have a little bit of money saved on the other hands the ones who are not dropping out of school will not have a bit of money and they will most probably relay on their parents so the other jobs will compensate the years you spent studying and you will receive more money.
The Unpleasantness of Job Conditions
Even though eclecticists and paralegals have the same time of training the electrician's wage is higher there is a reason for that. The reason is that the electrician most probably works in the cold or in the heat, on the other hand a paralegal works in a cozy office with an air conditioner. The electrician faces a risk of dying from an electric shock in contrast the paralegal does not need to worry about danger in his job because the only way he could get injured related to his job is if someone assaults him for something related to his job which is unlikely.
Market Demand Affects Wages
Just as the supply of people that can/want to do that job makes the wages change even the demand of people that want to do that job can change the pay. We can suppose that in a hypothetical scenario were car stocks go up the companies there is an increase in the demand for workers.
What About Superstar Wages?
In an occupation the few people that are the best those people will receive higher than normal wages. That is because their skills and capacities are superior to the average and almost no one can do that job the same.
Younger people wage
In many countries young people get paid less than older people for example in Australia younger people don't have to respect minimum wages so an 18-year-old that lives on his own and his parents refuse to maintain them they have the risk of not arriving at the end of the month only because the law enforcers that.