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TRADE UNIONS
Trade unions are workers' organizations whose objective is to protect the interests of their members.
Functions
i. To bargain on behalf of their members for better pay and working conditions.
ii. To persuade the government to pass legislation in favour of the working class.
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
Q. Explain the Efficiency wage model? Efficiency wage models such as Shapiro and Stiglitz (1984) suggest wage rents as an addition to monitoring, because this gives employees a
Explain the limitations of managerial economics
Q=5K0.4 L0.6 WHERE K is number of mchine,L s number of labour, price of unit is RM24 & wages og each lanour rm12. the company constraint by it budget rm 1500 per time period. a) co
REALISM OF PERFECT COMPETITION The assumptions of perfect competition are obviously at variance with the conditions which actually exist in real world markets. Some market
Direct intervention The government can also intervene directly in the economy to see that its wishes are carried out. This can be achieved thorough: a. Price and i
MONOPOLISTIC PRACTICES The following practices may be said to characterize monopolies. Exclusive dealing to supply and collective boycott Producers agree to supply onl
Fall in Supply When the supply falls, the supply curve shifts to the left to position S 1 S 1 . At the initial equilibrium price P 1 , quantity supplied falls from q 1
Q. Describe MRPL and profit maximisation? The common rule is that firm maximises profit by producing that quantity of output where marginal revenue equals marginal costs. Profi
Economics is generally defined as the problem of how best to allocate limited resources, limited because needs are characterized as unlimited, but common sense tells us that rather
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