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According to 1950s functionalist theorist Talcott Parsons, U.S. society needed to find roles for elderly people that were appropriate for their age, and his argument was that this resulted from the fact that:
Marginal Revenue
Change in revenue resulting from a one-unit increase in output.
Employee Effort Level
The degree to which an employee is motivated to exert effort in their work tasks and responsibilities.
Wage Rate
Rephrased: Wage Rate is the compensation paid by employers to employees for their labor, often determined per hour worked or by piece-rate.
Incentive Scheme
An incentive scheme is a plan or system designed to motivate and encourage employees to perform better by offering rewards or benefits.
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