Benjamin Powell a graduate from Hampden-Sydney College is featured in an article from the Library of Economics and Liberty. In the article contrary to most American and global views based on overall society stigmas of sweatshops, Powell is in defense of sweatshops. Powell supports his argument with logic and reason. His first example given is that sweatshop laborers dont have an alternative to earn money. The second example given is that the money earned daily by laborers is often higher than the average national wage.
By making this decision he forgoes the opportunity to work as a teacher. The opportunity is seen in terms of this forgone alternative. If wage rates were to rise in order to attract more staff, there would come a point where the lawyer might reconsider his decision. D D Economic rent is a surplus paid to a factor of production above what is needed to keep it in its current occupation. It a payment received by a factor of production over and above what would be needed to keep it in its present value.
This is the internal identification number which the employer gives employee. Salary This is the amount the employee has earned before any deductions have been made. The employer may break this down into components if the employee has done overtime or receive a bonus or commission. This will show how much the employee has earned in wages before any deductions are made. It might also show how the employee pay was calculated, for example; the employee hourly rate and the number of hours worked.
This makes me wonder, is the minimum wage really high enough? Even though everyone would want to say no to this question I am going to have to say its fine where it’s at right now. People don’t normally look at the big picture of something they think is so simple. Most of us would just say raise it a little so that low income americans won’t have to struggle so much. It may not surprise people but, it’s not only teenagers that work at these minimum wage paying jobs, there are also many adults that are trying to make a living and are forced to work minimum wage jobs.
Tutorial 4 1. The responsibility of government is properly to assign between capitalism and socialism which the economic of the country will not been affected. From the case, the role of the government needs to allocate the price of the goods and services in a right and fair value which is responsible to society in or outside the countries. The government has to manage the anti-dumping legislative properly to combat dumping which the multinational company may threat the local company by only drive up the cost of imported goods and services. From the Anti-dumping laws, consumers need to pay higher prices for both imported and domestic goods.
The contract will contain important information about your job and how it will affect you at work. The contract will include details such as: • • • • • • • Your job title Your hours of work Main terms and conditions Your pay (inc. sick pay & holiday pay) Employment start date Your employers name And your name It may also include details such as if the job is permanent or temporary – in this case your end date will be included. There are terms and conditions in every contract that you must pay attention to. These will vary depending on the company. For example: Working Hours will change depending on the employee.
LRAS LRAS PRICE LEVEL PRICE LEVEL AS AS AD2 AD2 P2 P P1 P2 P P1 An economy would typically lack demand in a recession where confidence is low and consumption drops causing the shift of AD to AD1, firms respond by reducing production (YF to Y1) and therefore require less labour triggering an increase of unemployment. Keynesian economists also believe that wage rigidity comes into play as in the short run wages cannot fall to clear the market so firms cut jobs, to reduce their costs. REAL GDP REAL GDP AD1 AD1 AD AD Y1 YF Y2 Y1 YF Y2 Keynes believed that this could be resolved through demand management. An expansionary fiscal or monetary policy like increasing the money supply would mean there is more money in the economy allowing banks to loan more which increases confidence causing firms to increase investment and
Health and safety laws covers the work conditions and minimum wage and other laws which set basic compensation levels. We also have the Equality Act 2010, Manual Handling Operations and Regulations, Data Protection Act, and many more. 1.2 List the main features of current employment legislation: Employment rights equalities- this states the statuary rights of employees and employers it gives protection to employees about holiday entitlements, hours worked, wages etc. Equality Act 20010 this protects people from discrimination in the workplace and society. National minimum wage depends on your age 21 and over get £6.31, 18 to 20 year olds £5.03, under 18 years old £3.72 and apprentice £2.68.
• Redundancy and dismissal. • Training. • Health and safety. 1.2 List the main features of current employment legislation • Being paid and payslips • Company sick pay rights • Performance-related pay • Employment contracts and conditions • Contracts of employment • Changes to employment conditions • Breach of contract • Time off and holidays • Annual leave and holidays • Time to train, request time at work to learn new skills • Time off for dependants • Working hours • Working time limits • Rest breaks • Overtime • Flexible working • The right to request flexible working • part-time work • Sickness absence • Time off for sickness 1.3 Outline why legislation relating to employment exists. To protect the rights of employers and employees by providing rules and regulations that must be followed.
The services provided by welfare states differ from country to country, some have highly developed systems than others (Giddens, 2009). In most societies, poverty and social exclusion at the bottom are alleviated by the welfare states. This essay is therefore going to discuss how these welfare states use ideological state apparatus to secure legitimacy of continued inequalities in capitalist societies. Ideology can be defined as shared ideas or beliefs which serve to justify the interests of dominant groups” Giddens (1997:583). Its relationship to power is that it legitimizes the differential power that groups hold and as such it distorts the real situation that people find themselves in.