Microeconomics Essay Example | Topics and Well Written Essays - 500 words - 2

Microeconomics - Essay Example This essay discusses free market, and how the price serves in it as the rationing mechanism. Pricing strategies and effects are also explained, as well as sellers and the way they can sell all they want at the equilibrium price. Two outcomes are probable when the government entails a price floor: if the price floor is lower than the equilibrium price, it is not binding and has no effect on the price or quantity sold, and if the price floor is higher than the equilibrium price, the floor is a binding constraint and a surplus is formed. The quantity supplied surpasses the quantity demanded. In this essay author refers to how buyers’ demands for the good or service must in several ways be rationed among sellers. This essay explaines such a thing using a significant example of a price floor, that is the minimum wage. Minimum wage laws order the lowest price for labor that any employer may pay. The economy nowadays includes not a single labor market, but many labor markets for various types of workers. The impact of the minimum wage was explained as well as workers and their skills and experience that were needed. The Advocates and the Opponents of the minimum wage give their opinion on the topic. While the Advocates consider the procedure as one way to increase the income of the working poor, the Opponents consider that high minimum wage triggers unemployment, encourages teenagers to drop out of school, and prevent several unskilled workers from getting the on-the-job training they need.

ICICI Management Essay Example | Topics and Well Written Essays - 1250 words

ICICI Management - Essay Example In this way, the employees feel appreciated by the management of the bank and this is done in a manner which not only encourages them to work harder to achieve the goals of this institution but also towards increasing its competitiveness (Bihari & Charde, 2014). The motivation style of ICICI is in line with Herzberg’s two factor theory which advocated for the removal of some of the control which the bank’s management has over its employees and this ensures that there is an increase in their accountability and responsibility over their work. In this way, the employees become motivated through their being given freedom of action while also having more responsibilities which encourage them to work harder for the greater good of the bank. In addition, also in line with the two factor theory, ICICI also motivates its employees through encouraging them to create natural work units where possible and this is done in a manner where the employees themselves are given the respons ibility of creating whole sections of their teams instead of only a part of it (LaBelle, 2005). Moreover, ICICI also works towards the provision of regular feedback directly to its employees and this makes the latter to feel that their welfare at work is being well considered. The fact that the management does not have to go through supervisors to provide feedback encourages workers to improve their job performance (Hassan, 2005). The expectancy theory also comes to play in the way in which ICICI motivates its workers and this is because its management encourages employees to take on challenging tasks so that they may specialise in these tasks and in this manner, remove the need to bring in outsiders to undertake tasks.