Download file to see previous pages...
When income becomes scarce, the curve flattens.
The third property is indifference map which reflects different levels of utility. An individual will attain maximum total utility on the highest position of the indifference curve. The fourth property is work-leisure preference of the individual. The shape of the curve is determined by individual’s preferences, occupation, and personal circumstances. A flat curve reflects a person with an occupying job. A nursing mother will have a relatively steep indifference curve because much of her time is spent on non-labor market activities.
An individual’s budget is controlled by the amount of wages earned. Budget constraint is reflected by the wages earned and this has an overall effect on the shape of the indifference curve. Individual’s maximum utility is attainable at the highest position on the indifference curve.
Changes in wage rates have an effect on the number of working hours. An increase in the number of working hours increases the wage rate but with time wage increase may reduce the number of working hours. Wage rate is affected by income and substitution effects. Income effect results from the change in the desired number of working hours as a result of income change, wages are kept constant. An increase in income means more money will be available to spend on purchasing leisure. The resulting effect is the reduction of desired number of working hours.
Substitution effect results from the change in the desired number of working hours as a result changes in wage rate, income is kept constant. When leisure becomes expensive, it is sensible for the individual to work more hours and reduce time spend on leisure. The resulting effect is increase in the number of working hours. The overall net effect will depend on the magnitude of income and substitution effect.
Women are responsive to changes in wage rates than men. This is due to the differences in allocation of time. Men use their time
...Download file to see next pagesRead More
In terms of earnings or number of employees, this business sector is not the largest category and is even considered a slow-growth, highly fragmented industry. It follows that the financial services institutions are not as heavily taxed as other fast-moving, high-growth industries engaged in consumer goods, energy or computer technology.
Therefore, subsidies granted to individuals or general measures open to all enterprises are not covered by Article 87 of the EC Treaty and do not constitute State aid1.
Article 7 (2) states, 'according to the principle of conferred powers, the Union shall have only those powers which have been conferred on it by the Member States pursuant to this Treaty.
However, these were not the only measures that were taken by EC law because there was the additional problem of monopolies within certain industries and the use of unfair practices by large companies to limit an open market. It is this concern that Articles 81 and 82 EC deal with.
The UK has not implemented it, arguing that this is a social matter and that in any event the UK already provides for 15 days paternity leave under the Paternity Leave Act 2000 which, according to the present Government, 'meets the general objectives of the Directive'.
The adoption of the Working Time Directive by the European Union’s Social Affairs Council is 1993 and later its incorporation into the Treaty . Under the Working Time Directive, working long hours is limited to protect the health and promote the safety of workers .
In order to be directly effective, Treaty Articles have to be clear and precise. Individuals can invoke Treaty Articles against the state or private individuals. Treaty Articles have horizontal as well as
For years now, people in Europe have debated on the laws that will ensure humans and the environments are protected from pollution by industries. The electromagnetic frequency radiation (EMF) emitted by mobile
In highlighting the impact of job search trends on the labor market, the author firstly refers to the significant increase in the job switching, particularly with the younger demographic. Additionally, it is highlighted that the trend of job switching has also
If she had bought the safe, she would then claim the bonds. The agent, on the other hand, was to fuel the purchase of the old safe. He never knew the bonds existed, nor did he have any rights to neither the safe nor the bonds