In the Post Industrial World of Work, Clients and Workers

question 100

Multiple Choice

In the post industrial world of work, clients and workers live in every part of the globe, and work can happen any time of the day and night. This leads to

• A) More money and prestige earned by the globalized workers
• B) The distinctions between home and work fading away
• C) An increase in knowledge work
• D) A decrease in outsourcing

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Definitions:

Backward Bending

A curve, often related to the labor supply, indicating that beyond a certain wage level, as wages increase, individuals may choose to work fewer hours, prioritizing leisure over additional income.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another more affordable one.

Competitive Firm

A competitive firm is a business that operates in a market where there are many sellers and buyers, the product offered is similar, and the firm can only be a price taker, not a price maker.