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Draw a graph illustrating a labor market in equilibrium. Illustrate and explain the effect of an increase in the preference for leisure by workers.
Work-Life Balance
The equilibrium a person strives to reach between their work responsibilities and personal life.
Wrongful Dismissal
A doctrine giving workers legal protections against termination without cause.
Profit Sharing
A corporate strategy where employees receive a share of the company's profits, typically distributed annually or quarterly, as part of their compensation.
Merit Pay System
A merit pay system is a compensation approach where employees are rewarded based on their performance and achievements, typically assessed through performance evaluations.
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