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Illustration of Industry 4.0, showing the four "industrial revolutions" with a brief English description. Industrial sociology, until recently a crucial research area within the field of sociology of work, examines "the direction and implications of trends in technological change, globalization, labour markets, work organization, managerial practices and employment relations" to "the extent to ...
Direct labor cost is a part of wage-bill or payroll that can be specifically and consistently assigned to or associated with the manufacture of a product, a particular work order, or provision of a service. Also, we can say it is the cost of the work done by those workers who actually make the product on the production line.
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology".
Division of labor is the separation of tasks so that individuals may specialize, leading to cost efficiency. Adam Smith linked the division of labor to increased efficiency and output. [ 36 ] According to Smith, the division of labor is efficient for three reasons: (a) occupational specialization, (b) savings from not changing tasks, and (c ...
Mathematically, social marginal cost is the sum of private marginal cost and the external costs. [3] For example, when selling a glass of lemonade at a lemonade stand, the private costs involved in this transaction are the costs of the lemons and the sugar and the water that are ingredients to the lemonade, the opportunity cost of the labor to combine them into lemonade, as well as any ...
Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. [1]
Durkheim distinguishes sociology from other sciences and justifies his rationale. [1] Sociology is the science of social facts. Durkheim suggests two central theses, without which sociology would not be a science: It must have a specific object of study. Unlike philosophy or psychology, sociology's proper object of study are social facts.
Skilled labour costs more to produce than unskilled labour, and can be more productive. Generally Marx assumed that—irrespective of the price for which it is sold—skilled labour power had a higher value (it costs more to produce, in money, time, energy and resources), and that skilled work could produce a product with a higher value in the ...