Do you think everyone should earn the same wage? What if some people work and others just sit there? Check out Henry Ford's Lesson on Wages and Productivity from Tampa Bay Times opinion column. What did Henry Ford believe? How is the wage or salary paid to workers determined? Why are businesses more willing to pay higher wages to more productive workers? Discuss issues surrounding earning more money based on job performance.
For more about Henry Ford, check out the PBS American Experience: Henry Ford information.
Financial Literacy Standards
SS.912.FL.1.4: Analyze the reasons why the wage or salary paid to workers in jobs is usually determined by the labor market and that businesses are generally willing to pay more productive workers higher wages or salaries than less productive workers.
SS.912.FL.1.5: Discuss reasons why changes in economic conditions or the labor market can cause changes in a worker’s income or may cause unemployment.
Deborah Kozdras, Ph.D.