Convergence Theory Suggests That the Two Economic Systems of Capitalism

question 68

True/False

Convergence theory suggests that the two economic systems of capitalism and socialism will grow further and further apart, which will lead to international mistrust and trade wars.

---

Definitions:

Turnover Costs

Expenses related to replacing employees who leave the organization, including recruitment, training, and lost productivity.

Recruitment Costs

Expenses incurred by an organization in the process of finding and hiring new employees, including advertising, interviewing, and training expenses.

Labour Demand

The need or desire for labor within the market or economy, often influenced by economic conditions, organizational growth, and industry trends.

Minimum Wage Legislation

Laws established by governments setting the lowest hourly wage that employers can legally pay their workers.