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From a Marxist perspective, a labour supply is a core requirement in a capitalist society.To avoid labour shortage and ensure a labour supply, a large portion of the population must not possess sources of self-provisioning, which would let them be independent—and they must instead, to survive, be compelled to sell their labour for a subsistence wage.
The simplest definition of socially necessary labour time is the amount of labour time performed by a worker of average skill and productivity, working with tools of the average productive potential, to produce a given commodity. This is an "average unit labour-cost", measured in working hours.
That break, typically of 1 or 2 hours, has been kept in the working culture because in the post-civil-war period most workers had two jobs to be able to sustain their families. Following this tradition, in small and medium-sized cities, restaurants and businesses shut down during this time period of 2-5 for retail and 4-8 for restaurants.
In Greece, business hours on Mondays, Wednesdays, and Saturdays are usually from 9 am to 3 pm, while on Tuesdays, Thursdays, and Fridays are usually from 9 am to 2 pm and after the siesta from 5.30 pm to 9 pm. [3] Large stores and supermarkets follow an extended business hours schedule and are open Monday to Friday from 9 am to 9 pm and on ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
A man-hour or human-hour is the amount of work performed by the average worker in one hour. [1] [2] It is used for estimation of the total amount of uninterrupted labor required to perform a task. For example, researching and writing a college paper might require eighty man-hours, while preparing a family banquet from scratch might require ten ...
A Robinson Crusoe economy is a simple framework used to study some fundamental issues in economics. [1] It assumes an economy with one consumer, one producer and two goods. The title "Robinson Crusoe" is a reference to the 1719 novel of the same name authored by Daniel Defo
Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. [1]