...RELATIONSHIP BETWEEN DIVISIONS OF ECONOMICS AND LABOR ECONOMICS Insert name Insert institution Insert course Insert date Abstract Labor economics comprises the study of the factors affecting workers. Since all divisions of economics involve workers, it is prudent to evaluate their influence on labor economics and labor market for that matter. Consumption directly affects the supply of labor. If the workers experience an increase in their desire for consumption in relation to leisure, the labor supply curve will shift outwards. The workers will supply more labor at every given wage. The effect of public finance on labor economics may be through government taxation on the workers. If income taxes increase, workers will likely substitute leisure for consumption and supply less labor. Any effects on the supply and demand for labor will ultimately affect the labor market thus are essential in labor economics. Distribution of income may also affect the labor market especially if the distribution is unequal. Inequality in the distribution of income will affect workers and thus affect labor supply. Production of goods and services on the other hand determine the supply and demand for labor. Such effects directly influence the labor market. Table of Contents Abstract 2 Table of Contents 3 Introduction 4 Effect of consumption on the labor market 4 Effect of income distribution on the labor market 5 Effect of exchange on the labor market 6 Effect of production...
Words: 1888 - Pages: 8
...production Labor as factor of production is any human effort used productively (with an output of goods or services) for which payment is made. Honorary work and work for enjoyment are excluded Special Features of Labour Perish ability - cannot be stored, today's effort cannot be saved for tomorrow; Inseparability from labour - cannot be transferred by owner; Immobility as compared to capital and enterprise; Supply of labour not adjustable in short run (it takes 20 years to produce a worker). Labor as a factor of production: Labor is human recourse of production. Any form of physical or mental effort done to the production of goods and services with a view to earn reward, is called labor e.g. Worker, clerk, teacher, doctor, judge, typist etc. According to Marshall, "Any exertion of mind or body undergone partly or wholly with a view to some good other than the pleasure derived directly from the work is called labor. Characteristics of Labor: These are the characteristics of labor as a factor of production. 1. Labor is Inseparable: Labor is inseparable from the labor himself, because he is the source of his own labor power. 2. Sole of Labor: A laborer cannot be sold but a laborer has to sell, his labor in person. 3. Perishable: The labor of a laborer cannot be stored because it is perishable. 4. Bargaining power: Laborer has a weak bargaining power and he has to accept the wage offered to him. 5. Wastage of labor: Labor ban be wasted...
Words: 690 - Pages: 3
...the contradiction between leaders and labors has become a world-wide problem. In China, a series of employees’ suicides attracted the public and media’s concentration to consider this problem. A Taiwanese electronics corporation, is acting as the protagonist in this issue and now earning an internationally notorious reputation of running sweatshops. This paper analyze the cause of ongoing trend of exploitation of workers in China with the example of Foxconn, and examine the reasons behind those suicides from the perspective of management, workers and related laws. Based on the fundamental information of China, to illustrate my own analysis about this case from ethical and legal point, and to criticize Foxconn’s management strategy, industrial relations and the gaps of Chinese laws. Keywords: workers’ exploitation, China, Foxconn, suicides, inustrial relations 1. Introduction 1.1 Background and significance of the topic With the rapid development of Chinese economy and the increasing globalization of business competition, the various types of enterprises in China have been booming development, rapid increases in the number and size of foreign investment in China to hire to do business, and further reform of state-owned enterprises increase, the private sector, the number and the number of employees of private enterprises in recent years, is also rising, along with the development of enterprises to expand and hire-scale, labor disputes occurred in the number of enterprises...
Words: 1432 - Pages: 6
...SANDS CORPORATION WRITTEN ANALYSIS AND COMMUNICATION (WAC) NISHANT GADIA FSB-1 26TH August 14 SANDS CORPORATION LETTER OF TRANSMITTAL August 9, 1961 President, Sands Corporation Clairmont, USA Dear Sir, Enclosed is the report on “The Establishment of New plant”. This report examines the problems, options available and the different scenarios dealt with. Various factors have been taken into consideration for an attempt to take a wiser decision. I hope you find this report satisfactory and help you in taking wiser decision. Regards Vice President Manufacturing EXECUTIVE SUMMARY Sands Corporation was established in 1941 with an aim to manufacture range of parts for the aircrafts, automotive and agriculture equipment industries. The main plant and executive office is situated in Clairmont. Sands Corporation has one main plant and two branch plants which are in small towns 60 miles apart and approximately 200 miles from the main plant. In August 1961 Sands Corporation won a bid for the contract of military aircraft parts manufacturing. This has led to the decision of setting up a new plant to satisfy the contract given to them. So Sands Corporation came up with two plant sites, one is in the industrial area of Clairmont and the other option they have looked up for as a site is Hampton. The main motive of the Corporation is to select a site which is competent enough, has abundant amount of resources and produce higher margin of profits. SITUATIONAL ANALYSIS ...
Words: 1069 - Pages: 5
...WORK IN CONNECTICUT: 1880-1920 In 1977 the average women could expect to spend 27.6 years of her life in the work force, compared with 38.3 years of men. Women workers are concentrated in low paying dead end jobs. As a result, the average women worker earns only about three-fifths of that a man does, even when both work full time year round (U. S. Department of Labor, “20 Facts on Women Workers,” 1980). How did women inherit this inferior position in the United States work place? Has it always been this way? Has their position improved since the country industrialized at the turn of the century? Do male or female workers have control over the types of jobs they get and the working conditions they find there? Though most American women have always been relegated to low-level, subservient jobs in and out of the home, many have been able to exercise varying degrees of choice in their work lives. Between 1880 and 1920 the choices available to women expanded due to the change in job definition, technology, the production pressures of World War 1, the growing militancy of women workers riding the tide of labor unrest during the war, and the increased acceptance of women in the work force. The period of 1880 to 1920 is of particular importance in our economic history because the structure of our present economic world developed at that time. Many new jobs were stereotyped by sex, while many jobs opportunities opened up for small number of women in various formerly all-male...
Words: 1598 - Pages: 7
...research. Methods of approaching unexpected events also encourage managers to consider organizational behavior in the current context. In these approaches, the context is changing rather than rigid rules, thus the application of different management techniques is appropriate. Moreover, these approaches to unexpected events also send managers a clear message: Carefully consider the situation and flexibly adapt to it. In the trend of international economic integration, the operation of enterprises is not just confined within a region, a country, a territory. Businesses have greater opportunities to penetrate and exploit many big markets in the world, but they also have to face with challenges of global competition and are subject to the global labor division, especially the diversity in the workfoce. All these things require business managers to work out an effective method of management, creating the harmony between various individuals while promoting their ability to make maximum contribution to the development of their companies. In this essay, we will consider the diversity of the workforce in businesses and suggest the ways for entrepreneurs to apply their knowledge of organizational behavior management into their management and administration to turn the diversity into the competitive advantage of businesses. Table of content Chapter I. Diversity management Chapter...
Words: 5146 - Pages: 21
...requirement for one product that is created due to the purchase of another product. It occurs for consumers who purchase goods for further production, because their purchases are based on the demand for their final product.[1] For example, when the demand for automobiles is high, the derived demand for steel, and all other products used to make automobiles, is also high. Should the demand for automobiles drop, so will the demand for the products used to make the automobiles. Derived demand applies particularly to strategic human resources planning in relation to labour. Demand and supply of labour interact to determine the wages and affects the allocation of labour resources in ta corporation. It involves anticipating both the need for labor and the labor supply while planning programs necessary to ensure the organization will have the right mix of employees. The demand for labour is derived form the demand for the goods and services that labour is used to produce. Additionally the demand for labour is influenced by the level of economic activity, the productivity of labour and relative cost of labour compared to capital.[2] The demand and supply of labour are influenced by both macroeconomic and microeconomic factors. Macroeconomics refer to conditions in the whole economy affecting the general labour market. Microeconomic factors include specific industry and company conditions that influence the demand and supply of labour for particular occupations and labour skills. These are...
Words: 2988 - Pages: 12
...Running head: APPLE’S MAKE VS. BUY Apple’s Make vs. Buy Decision Julynn Middleton Professor Wangemann Hr Management Foundations October 14, 2011 What approaches to recruiting might be best suited for Apple’s talent acquisition? Apple has decided to start producing a product that they previously outsourced to other companies. This decision will ultimately require them to employ more labor and skill in the department making the components. It is obvious that Apple is going to need to hire more power. I suggest that they go about this by starting on the inside. They should first look to internal candidates to move from other departments into the new area. These people are going to already possess the knowledge of the company and have experience too. In addition these employees may be able to provide referrals of their associates for the positions. It is likely that Apple will be able to find a great team among their current labor force. I would also recommend that Apple put together a team of recruiters and go out into the world to look for new and fresh talent. I would start by going to Universities and talking to the technology graduates. These young fresh faces are going to come with a great deal of energy and drive to prove themselves in a company as big as Apple. It may prove to be quite beneficial to the organization to spend a little extra money and get the new ideas, talent and perspectives of the new graduates. I also think that Apple should reach out to those...
Words: 1678 - Pages: 7
...Journal of Economic Perspectives—Volume 29, Number 3—Summer 2015—Pages 3–30 Why Are There Still So Many Jobs? The History and Future of Workplace Automation† David H. Autor T here have been periodic warnings in the last two centuries that automation and new technology were going to wipe out large numbers of middle class jobs. The best-known early example is the Luddite movement of the early 19th century, in which a group of English textile artisans protested the automation of textile production by seeking to destroy some of the machines. A lesser-known but more recent example is the concern over “The Automation Jobless,” as they were called in the title of a TIME magazine story of February 24, 1961: The number of jobs lost to more efficient machines is only part of the problem. What worries many job experts more is that automation may prevent the economy from creating enough new jobs. . . . Throughout industry, the trend has been to bigger production with a smaller work force. . . . Many of the losses in factory jobs have been countered by an increase in the service industries or in office jobs. But automation is beginning to move in and eliminate office jobs too. . . . In the past, new industries hired far more people than those they put out of business. But this is not true of many of today’s new industries. . . . Today’s new industries have comparatively few jobs for the unskilled or semiskilled, just the class of workers whose jobs are being eliminated...
Words: 13546 - Pages: 55
...Aaron Taylor Professor Alonso ECP 3254 4/22/11 Chapter 12 Assignment 1. To what extent are comparisons of women's labor force participation among various countries a reliable indicator of women's contribution to the standard of living in those countries? Women’s labor force participation among various countries is an obvious indicator of women’s contribution to their countries standard of living, because with the rise of women’s income and financial contribution, when considering women's economic status and making comparisons among different countries there are two serious difficulties. First, many do not provide detailed data on the occupational distribution and second, the degree of segregation is affected by the distribution of all workers occupations. The majority of people in the labor force in one country were employed in a single occupation like agriculture, while in another they are distributed among a considerably larger number of occupations. The indexes of sex segregation would surely differ. The occupational segregation by sex remains "very extensive in each and every country," but it also varies, particularly across regions. One study, which looked at more than 200 cultures over time, found that metal working and hunting were exclusively male activities, while activities such as cooking, laundering and spinning were predominately female. occupational differences cannot be explained simply by inherent differences between women and...
Words: 535 - Pages: 3
...What are the advantages and disadvantages of division of labor? By division of labor we mean an arrangement where by people perform different functions at the same time. Though the term, 'Division of labor' is applied in the field of economics, yet infact division of labor in modern society is not limited simply to labor but applies to all the factors of production and exists beyond the purely economic field. There may be three forms of division of labor. (i) Social division of labor This means division into occupation. Thus, there are farmers, weavers, teachers, priests, laborers etc. (ii) Technical division of labor This means the division of labor within a particular enterprise. Thus within a factory there are weavers, spinners, designers, accountants, managers and engineers. The work may be divided into complete tasks like spinning, weaving, bleaching, designing, finishing etc. or it may by divided into incomplete processes. It is said that work in a modern spinning factory is divided into 18 processes. Technical division of labor is marked feature of modern machine age. (iii) Territorial division of labor This is also known as localization of industries. Certain places or regions come to specialize in the making of certain articles; Hosiery at Ludhiana, Cotton textiles at Ahmadabad and Bombay, Jute industry at Calcutta, Leather industry at Agra and Kanpur etc. Division of labor is based on the principle of co-operation or interdependence. The different...
Words: 1273 - Pages: 6
...CONSENSUAL RELATIONSHIP AGREEMENTS Professor Newman Leadership and Organizational Behavior January 18, 2012 Consensual Relationship Agreements When a person goes to work they have the responsibility to work. Should they be looking for a relationship? Does an individual have the right to start a relationship with a coworker that they spend eight to ten hours a day with? It seems that it is bound to happen if you spend that much time together. Should an employer be able to control who you can date? We will argue both sides to this question, to see if an employer can control who an employee can and can’t date. Argument for the use of CRA’s In my office there are five people that work in this one office space which has three desks with three computers. Most times we share desks due to the lack of space, desks and computers. I definitely feel that the use of Consensual Relationship Agreements (CRA’s) would be beneficial in our situation. By an employee signing the CRA’s it is basically saying they entered in the relationship freely, consensually and unrelated to the company: the couple is aware of the sexual harassment policy and know how to use it. Finally, they agree to settle any relationship disputes through arbitration, not lawsuit (Employment Practices Solution, 2005). Also, the CRA’s would advise them of acting professionally while in the work area. With more women in the work force, in 2003, women composed 46.6% of the labor force (Amaral, 2003)...
Words: 334 - Pages: 2
...1. Introduction This chapter provides an assessment of the contemporary labour market context of Human Resource Management and the impact of current trends in labor market on the practices associated with Human Resource Management in relation to attraction, motivation and retention of talents. 1.2 Review of Prior Work A labour market can be understood as the mechanism through which human labour is bought and sold as a commodity and the means by which labour demand (the number and type of available jobs) is matched with labour supply (the number and type of available workers). As such, the labour market constitutes the systematic relationship that exists between workers and work organisations. In order to achieve its strategic objectives, a fundamental concern for an organisation is to ensure that it has the right people with the right skills, knowledge and attributes in the appropriate positions. Labour market is divided into two the internal labour market and external labour market. The internal labor market refers to that which exists within a single organisation and represents its internal supply or stock of labour. In its broadest sense, the internal labour market is the mechanism by which existing employees are attributed particular roles within a firm. The specific characteristics of an organization’s internal labour market are reflective of a number of HR policy emphases, for example...
Words: 5311 - Pages: 22
...Introduction to Labor Studies (Section RXLA-55242) Summer A 2013 Instructor: Professor Alí R. Bustamante Schedule: Mondays and Wednesdays / 11:00am – 1:40pm Credits: 3 Location: PC 439 Office Hours: LC 315, one hour before class or by appointment. E-mail: albustam@fiu.edu Department Phone: (305) 348-1519 Course Description: This course will introduce you to the challenges and struggles of working people in the United States. In our readings and classroom discussions, we will pay close attention to the conditions faced by low-wage workers in industrial, agricultural, and service jobs, as well as the impact of globalization on labor markets in the U.S. and abroad. We will also look at some of the hidden dimensions of working-class life through the lens of slavery, immigration, and global economic competition. By the end of the course, you will understand and be able to analyze: 1. What class is and how it operates in American society; 2. What it is like to work at a various low-wage jobs while trying to sustain yourself; 3. The impact of race, ethnicity, and gender on conditions in the American workplace; 4. How management exerts control over industrial, agricultural, and service workers; 5. The impact of large retailers and other consumer-oriented industries in determining conditions in the modern American workplace; 6. The role of immigration and the immigrant experience in the American workplace; 7. The evolution of and relationship between small...
Words: 1601 - Pages: 7
...from child slavery. The major difficulty with Utilitarianism is that it is unable to deal with rights and justice. For instance, from the point of social justice, it is clear that child slavery is the result of unequal distribution of burdens. Utilitarianism only looks at the utility, not the distribution of it among the members of society. The important ignorance on ethics in Utilitarianism, bring the consideration of justice and rights. Justice looks at how the benefits and burdens distributed among the society. On the other hand, rights look at the individual entitlements to freedom of choice and well being. From the rights point of view, there are no clues about the legal rights of the children. I do not think that government has labor or child labor rights. Also, poor children deprived of the moral rights. They tortured, they are beaten and sometimes they even die or killed on the cocoa farms of the Ivory Coast and Ghana. Regardless of the legal system under which they live, every human being of every nationality have a right to not tortured, have a right to life. In terms of contractual rights, U.S. Senator Tom Harkin, U.S....
Words: 853 - Pages: 4