Explain Why Economists Consider It to Be One of the Economic

question 329

Essay

Explain why economists consider it to be one of the economic functions of government to provide a legal system.

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Definitions:

Unionized Firm

A company where the workforce is organized into a union, which negotiates with the employer on matters such as wages, hours, and working conditions.

Desired Behaviour

The specific actions or reactions expected from employees that are aligned with organizational goals and values.

Instrumentality

The perceived relationship between performance and the attainment of certain outcomes, key to understanding motivation in expectancy theory.

Expectancy

In the context of motivation, expectancy refers to an individual's belief that a particular effort will lead to a desired performance level.