econ 308 midtrm 2-5
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- state and explain efficiency wage.
- efficency wage is a wage premium above market rate for two reasons: to reduce incentive to shirk by employees and to reduce turnover costs. Edit Card Card Frontstate and explain efficiency wage. Card Backefficency wage is a wage premium above market rate for two reasons: to reduce incentive to shirk by employees and to reduce turnover costs.
- state and explain the hay system of job evaluation .
- each job within an organization is evaluated on factors such as required knowledge, skills, the number of people supervised, and accountability. Based within the firm's heirarchy. Jobs at a given level of the hierarchy have similar pay ranges depending on experience and qualifications. Edit Card Card Frontstate and explain the hay system of job evaluation . Card Backeach job within an organization is evaluated on factors such as required knowledge, skills, the number of people supervised, and accountability. Based within the firm's heirarchy. Jobs at a given level of the hierarchy have similar pay ranges depending on experience and qualifications.
- two subjective performance evalutation methods
- -standard rating scale rank employee on a number of different performance factors using a five point scale to size up the shortcomings of an employee -goal based system requires employees to set goals for the year and the supervisor evaluates the extent to which each goal has been met at the end of the year, after which the employees have a chance to respond. This serves as remedy to worker's shortfall. Edit Card Card Fronttwo subjective performance evalutation methods Card Back-standard rating scale rank employee on a number of different performance factors using a five point scale to size up the shortcomings of an employee -goal based system requires employees to set goals for the year and the supervisor evaluates the extent to which each goal has been met at the end of the year, after which the employees have a chance to respond. This serves as remedy to worker's shortfall.
- wage compression
- is the situation when new hires are paid more than experienced workers. One explanation is that nes hires bring in new ideas that are potentially valuable, while on-going workers on routine tasks gain minimal value from experience. Edit Card Card Frontwage compression Card Backis the situation when new hires are paid more than experienced workers. One explanation is that nes hires bring in new ideas that are potentially valuable, while on-going workers on routine tasks gain minimal value from experience.
- What is the profite maximizing labor choice of a competitive firm?
- in a perfectly competitive labor market, a competitive firm will hire workers until wage equals to thier value marginal product of labor and monopolistic firm will hire worders until wage equals to thier marginal revenue product of labor. Marginal product-is incremental output due to the last unit of an input. value marginal product- is competitive price of a product time marginal product. marginal revenue product- is marginal revenue of a product time marginal product.
- basic employee/work environment
- General human captial-is training and education that are of general calue to many firms. specific human capital- is training and education that are of value to a particular firm. in general employees pay for general human capital, and firms pay for specific human capital. Jobs differ according to skill and education training,. quality of work environment, geographical location, length of commute, risk of injury and death, characteristics of coworkers, and degree of monotony associated with the tasks. Edit Card Card FrontWhat is the profite maximizing labor choice of a competitive firm? Card Backin a perfectly competitive labor market, a competitive firm will hire workers until wage equals to thier value marginal product of labor and monopolistic firm will hire worders until wage equals to thier marginal revenue product of labor. Marginal product-is incremental output due to the last unit of an input. value marginal product- is competitive price of a product time marginal product. marginal revenue product- is marginal revenue of a product time marginal product. General human captial-is training and education that are of general calue to many firms. specific human capital- is training and education that are of value to a particular firm. in general employees pay for general human capital, and firms pay for specific human capital. Jobs differ according to skill and education training,. quality of work environment, geographical location, length of commute, risk of injury and death, characteristics of coworkers, and degree of monotony associated with the tasks.
- why different industries have different period of probation for new hires?
- EX: Getting a PHD doesnt mean you will be a good one. Six years to prove that you are a good professor. How long it takes to learn certain type of work. Edit Card Card Frontwhy different industries have different period of probation for new hires? Card BackEX: Getting a PHD doesnt mean you will be a good one. Six years to prove that you are a good professor. How long it takes to learn certain type of work.
- Why some industries offer lifetime employeement
- EX: teaching at CSUN you either die , retire or find another job else where -signing a contract. if have less salary (being a high school teacher you earn 36,000) but it has job security.Life time employment would be to be a supreme court judge. Edit Card Card FrontWhy some industries offer lifetime employeement Card BackEX: teaching at CSUN you either die , retire or find another job else where -signing a contract. if have less salary (being a high school teacher you earn 36,000) but it has job security.Life time employment would be to be a supreme court judge.