Microeconomics Discussion Questions Coursework Example | Topics and Well Written Essays - 250 words

Microeconomics Discussion Questions - Coursework Example The dispersed sponsorship of many interested parties also expands the costs of the advertising and revenues over a larger pool of potential recipients. In the end, the provision of these seemingly enormous salaries is craftily calculated to ensure that the highest bidder gets to retain Jordon’s talents for maximum return. Economic rent is â€Å"any excess payment for a service, good or property above and beyond the minimum amount at which the person receiving payment would still have agreed to the deal.† It refers to the money above and beyond the minimum amount to employ a given resource or employee in this case. There is certainly what some would refer to as inflated salaries in professional sports where about 60% of the revenue goes to a few employees in the company. At the other end of the spectrum, one can visit any number of fast food restaurants and discover that all the employees are making more than minimum wage because the rents are required to attract service staff. Whether a college student, entrepreneur or salaried employee, companies and entities have to offer salaries above and beyond what will satisfy simply keeping the lights on.