Examlex
The tools and methods for a comprehensive performance appraisal system include (select all that apply) :
Income Effect
Adjustments in the income of people or economic systems and the consequent impacts on how much of a good or service is desired.
Substitution Effect
The change in consumption resulting from a change in the price of a good, leading consumers to replace more expensive items with cheaper alternatives.
Backward Bending
A concept in labor economics where an individual's labor supply curve bends backwards, indicating that they will supply less labor as wages increase beyond a certain point due to the substitution of leisure for work.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource, a crucial factor in determining how many workers to hire in production.
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