Examlex
How did the 2005 WorkChoices amendments change the regulation of the individual contracting stream?
Labor Supplied
Labor supplied refers to the total hours that workers are willing and able to work at a given wage rate.
Income Effects
Changes in consumers' purchasing power and consumption patterns resulting from changes in their income.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute more expensive items with cheaper alternatives.
Price Change
A modification in the cost of goods and services over time, reflecting economic factors such as inflation, supply, and demand.
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