Which Form 8815 Wages 2023-2024

Welcome to crash course economics I'm Adriene Hill and I'm Jacob Clifford and today we're going to talk about labor markets a pretty important topic unless you're independently wealthy or fine with living in your parents basement you probably need to get a job but how do you even get a job and what kind of job should you get in a lot of ways it comes down to supplying a skill that someone else demands this is Cristiano Ronaldo he makes about 20 million dollars a year playing soccer or football depending on where you live pretty much everybody would agree no one needs that kind of money but does he deserve it how do his employers the Rey al Madrid Football Club justify his huge salary admittedly the market for professional athletes is complex but on some level its supply and demand the supply of people that have the skills to be world-class soccer players is low and the demand for world-class soccer players is incredibly high Ronaldo might be willing to play for only 10 million dollars a year it's a lot of money he might even play for 5 million and if he really truly loved the beautiful game he might do it for free so why is he getting 20 million dollars this goes back to that really high demand having a superstar on your team generates millions in tickets and merchandise sales it might help you win some of the many cups up for grabs in international football so Real Madrid thought Ronaldo and his double scissor move were worth 20 million dollars and Ronaldo agreed so they have a contract these same ideas explain how wages are determined in nearly every labor market let's go to the thought-bubble usually when Stan goes the...