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Human life has several aspects: social, religious, economic and political—but economics is concerned only with the economic aspect of life. Promotion of welfare is the ultimate goal, but the term welfare is used in a narrow sense to meet material welfare only. [2]
If the substitution effect is greater than the income effect, an individual's supply of labour services will increase as the wage rate rises, which is represented by a positive slope in the labour supply curve (as at point E in the adjacent diagram, which exhibits a positive wage elasticity). This positive relationship is increasing until point ...
Human capital has a substantial impact on individual earnings. [2] Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. [2] [3] Companies can invest in human capital; for example, through education and training, improving levels of quality and production. [4]
Personnel economics has been defined as "the application of economic and mathematical approaches and econometric and statistical methods to traditional questions in human resources management". [1] It is an area of applied micro labor economics, but there are a few key distinctions.
In the context of economics, work can be viewed as the human activity that contributes (along with other factors of production) towards the goods and services within an economy. [2] Work has existed in all human societies, either as paid or work, from gathering natural resources by hand in hunter-gatherer groups to operating complex ...
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. [ 1 ] [ 2 ] A narrower concept is human capital , the knowledge and skills which the individuals command. [ 3 ]
Inflation affects an individual's economic life in various ways, and impacts the economic life of the entire society as well. One of the effects of inflation on the economy is the income "distribution effect" of inflation. Inflation negatively impacts people with fixed incomes.
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).