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Introduction to Study of Micro Economics – Some Basic Concepts
Human – The Only Economic Being on the Earth
To human the prime issue, as a biological being, is to maintain own life like any other animal or bird. By meeting some basic needs (like fresh air to breath, water to drink, foods for nutrition) this target is obtained. But, for human, as a social and civilized being, earning the livelihood doesn’t carry less importance than only living like a bird or a deer. Human is not only a nature dependent but also a society dependent being. The human society, through individual and organization level interactions, innovate and uphold the process of translating natural resources to
Theory of employment or theory of Unemployment
Higher employment (or lower unemployment) rate is good indicator of the macro economic health of any country and that is desirable to any government, economic analyst, even to a commoner. But ’employment’ is not an economic problem, rather the problem is ‘scarcity of employment opportunity’ that is unemployment. So unemployment covers more economic discussion than employment. To reach the optimum level of employment economic theorists always quest for reasons, types, and others notion of unemployment.
Collective Bargaining Notes
Collective bargaining is the process of negotiation between representative of firms & workers for the purpose of establishing mutually agreeable condition of employment. The wage and fringe benefit of unionized workers are determined by collective bargaining.
In every free modern industrial society, trade unions are an accepted part of the industrial scene. Labour unions are complex organizations, with various desires and goals. Some of these goals are purely economic, for example, favorable wage settlements and levels of employment. In addition, some of the things unions desire are non-monetary, although still ‘economic’ in the sense of having identifiable and quantifiable cost to the employer. Among this second group would fall various fringe benefits – for example, contribution to pension funds, hospitilization programmes, paid holyday and so on. A third category union goals might be called indirect economic goal, in that their long-run effect is indirectly intended to be economic improvement of the union member. This category includes control over labour supply through apprenticeship regulation, union shop provision, restrictive working rules, and so on. Finally we may speak of some non-economic goals of unions, the goals of a social or political nature.