standardized wage comparison and why it is important

Answer following questions in few paragraphs in your own word. NO QUOTE

• Explain how employers and job seekers (employees) agree upon the combination of risk of injury and wage rate. Be sure to use graphs and explain each component.
• Explain the three elements of a compensation plan and why each element is important.
• Explain what is meant by a standardized wage comparison and why it is important.
• Explain what is meant by systemic discrimination and why it is important.