‘optimal’ utility-maximizing point is Point A on the indifference curve U0 and line JZ (where MRS=|w/p|). The individual will work Ls1 hours and enjoy La hours of leisure. Consider an increase in non-labour income represented by XZ‚ assuming no change in wage rate‚ the income budget line will be parallel to JZ or KXZ. The new kinked budget line will allow the individual to reach a higher indifference curve U1 and enjoy
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Labor Relations Chapter 7 Notes Pg 293 Industrial Wage Differentials Industrial wage differentials may be explained in terms of three interrelated factors: (1) the degree of completion or monopoly in the product market (2) the value added by workers in a particular industry (3) the percentage of total costs that labor costs represent - Competition in the product market - Value added by employees - Labor costs as a percentage of total costs. A firm’s degree of labor intensiveness a measure
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periods of time than men‚ which repress women’s wages. These differing work patterns lead to an even larger earnings gap between men‚ and women suggesting that working women are penalized for their dual roles as wage earners‚ and those who disproportionately care for home and family. We learned that the wage gap is a statistical indicator often used as an index of the status of women’s earnings relative to men’s. According to (Wage Gap‚ 2010) “the wage gap is expressed as a percentage in 2006‚ women
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Chapter 2: Factors affecting Supply of labour Use diagrams Chapter 4&5: wages‚ unions perfectly competitive markets‚ imperfect market‚ bargaining Be able to compare competitive and imperfect Chapter 6: productivity Will not include flexibility Chapter 7: Globalization Chapter 8: types‚ tlfp‚ pr‚ unemployment programmes Chapter 9: criticisms of hct Chapter 10: inequalities Structure 3 Questions 1 compulsory‚ choose 1 of 2 50 marks each Chapter 2: Factors affecting supply of
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The next step in the job evaluation process is to select or design a method of evaluating jobs. Four basic methods have traditionally been mentioned. These are ranking‚ classification‚ factor comparison‚ and the point plan methods. These four basic methods are pure types. In practice there are numerous combinations. Also‚ there are many ready-made plans as well as numerous adaptations of these plans to specific organization’s needs. Following three dimensions distinguish these methods: 1.Whether
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income. With high productivity and quality performance employers are able to become more competitive and increase profit. Salary is an easy and constant way of paying the employees of this company. This is a set wage that employees will earn based on their job description. This wage will not change based on their merit or seniority. The stability of this compensation system appeals to employees as they always are aware of how income they will receive. But it also has very little room for growth
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twenty-one cents to every dollar a man earns. The wage gap between genders was and is still a problem around the globe. The process to fix this broken system may take an estimate of 118 years‚ but there are things being implemented to rectify the wage gap‚ such as‚ raise of the minimum wage‚ paid sick days and pay transparency (Grimley). The Center for American Progress recently released a report called 7 Actions that Could Shrink the Gender Wage Gap it states‚ “While nearly two-thirds of mothers
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attitude. The author also mentions that‚ “ wages were so inadequate that productivity was probably impaired by malnutrition”(602). This statement clarifies that the Virginian’s attitude toward work was due to an English economy that was dysfunctional‚ providing no incentive to work hard‚ giving the same low wage no matter what‚ and creating unneeded jobs only hurting the people. People were even limited to how many hours they could work a day so their wage wasn’t too high‚ making it hard for
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Chapter 6 Review Questions 1. What are the necessary hardware components of a POS system? What are the varieties of each component? The necessary hardware components of a POS system are POS order entry units & POS printers. The varieties of each component are: POS order entry units: Keyboards & monitors Touchscreen terminals Handheld terminals POS printers: Guest check printers Receipt printers Workstation units Journal printers 2. How do preset keys differ from PLU keys? Preset keys are part of
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become a popular phenomenon of the total personnel policy of any organization. The plan involves these extra benefits which may not necessarily be money‚ which come from the kind relationship of the employer to the employees‚ to supplement their usual wages or salaries‚ from time and which are at most times geared purposely towards the enhancement of workers performance in the organization. This plan‚ is very important to both the organization and the employees‚ from the employer’s point of view‚ it
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