Examples of piece work in the following topics:
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- If one employee is very productive he or she will have a high marginal revenue product: one additional hour of their work will produce a significant increase in output.
- While a salary or hourly pay does not directly take into account the quality of work, performance-related pay compensates workers with higher levels of productivity directly.
- Another alternative is piece-work, in which employees are paid a fixed rate for every unit produced or action performed, regardless of the time it takes.
- This is common in settings where it is easy to measure the output of piece work, such as when a garment worker is paid per each piece of cloth sewn or a telemarketer is paid for every call placed.
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- In this important piece, Friedman sets the standards for normative and positive economics as well as influencing several generations of economists.
- Simplicity is an echo of the work of William Ockham [1285-1347 (49?
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- Tax laws are treated like any other piece of legislation in that there is a judicial process for resolving disputes.
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- The theory was that lower tax rates would induce people to work harder and longer, and that this in turn would lead to more saving and investment, resulting in more production and stimulating overall economic growth.
- In the United States, meanwhile, "corporate raiders" bought various corporations whose stock prices were depressed and then restructured them, either by selling off some of their operations or by dismantling them piece by piece.
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- The floor manager shifts the wage system from an hourly wage perspective to a straight piece rate system.
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- The Affordable Care Act is a complex piece of legislation, but a number of bullets from the bill are highly useful to understand:
- The ACA will only work if both healthy and sick people alike buy insurance: if the healthy choose to pay the fine for not having insurance and only the sick buy insurance, then costs will increase.
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- For example, if the cost of making 9 pieces of pizza is $90 and the cost of making 10 pieces is $110, the marginal cost of producing the tenth piece of pizza is $20.
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- Much of Mill's work seems to be an effort to integrate Ricardian economics with Utilitarianism.
- Jules Dupuit [1804-1866, French], along with colleagues, had worked out the importance of marginal benefits and marginal costs in making decisions.
- While the French probably developed marginal analysis before others, their work was not translated until later.
- "We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper, as whether value is governed by utility or costs of production" [Marshall, Principles of Economics, 8th edition, page 290].
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- Technology is one small piece of knowledge.
- First, a piece of knowledge emerges or an "invention" occurs.
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- "knowledge is to be modeled on the early twentieth century's understanding of certain pieces of nineteenth-century and especially seventeenth-century physics" (McCloskey, 1985, p 5).
- Pieces of it are not enough.