By limiting the number of people who can enter an occupation demand is kept high, ensuring wages are kept high. What do we call this process?

Question

Quizplus · Accepted Answer

Professionalization refers to the process of establishing a set of standards, qualifications, and practices for a particular occupation. This often includes limiting entry into the profession through credentialing requirements, which can keep demand for professionals high and, as a result, maintain or increase wage levels.

By Limiting the Number of People Who Can Enter an Occupation