The first chapter of Principles of Economics discussed the 10 principles of economics. Two principles 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 which you complete the following:
o   Address which factors may influence the supply and demand for nurses.

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.

o   Describe how your information relates to Principle #1 and #7. Be specific and make sure to refer to the principles.

o   Include at least one appropriately cited and documented quotation to support a point.

o   Include at least one appropriately cited and documented paraphrase to support a point.
·         Format your paper according to APA standards.

 

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