Explain Equity Theory,outlining Its Implications for Mangers

question 96

Essay

Explain equity theory,outlining its implications for mangers.Also discuss how mangers can use equity theory to motivate subordinates.

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Definitions:

Equilibrium

The condition that exists in a market when the plans of buyers match those of sellers, so quantity demanded equals quantity supplied and the market clears

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing to purchase at a given price level during a certain time period.

Market Price

The current price at which a good or service can be bought or sold in a marketplace.

Pesticides Cost

The economic expenses associated with the purchase and application of chemical substances used to kill or control pests that threaten agricultural production or health.