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.