WIA, Education, technical personel regulations Research Paper

WIA, Education, technical personel regulations - Research Paper Example Employees should, therefore, be retrained and encouraged to take up training geared toward their career advancements and the country’s economic stability. Employee retraining shifts the focus from the business to the development of the employee and addresses issues of low skilled workers and the demand for more labour in a particular industry. Employee retraining addresses the need for matching employee skills with technological advancements and industry needs. Employee retraining in America has been the sole responsibility of the federal government for over a century. However the rapid growth of the economy at the turn of the 21st century made it necessary for employers to come up with programmes that would not only help them retain their workforce but also equip them to cope in the changing business world. The Workforce Investment Act was introduced in 1998 and led to the creation of Workforce Investments Boards that focused on the development of workers across America (Perkins, 1998). The Workforce Investments Act of 1998 was put in place of the Job Training Partnership Act and was instituted to encourage the participation of businesses in the delivery of Workforce Development Services. The requirements of the act were to be driven by Workforce Investment Boards, which were chaired by the local community or members from the private sector. Work force Development was then divided into sector based and place based. It was further categorized into statewide and local workforce investments systems, job corps and national programs. Other acts also demand that employers train their employees on various areas to cover those protected by regulations like the Tittle VII of the Civil Rights Act on race, color, nationality, and religion. Employers are further forced to invest in employee retraining through federal laws that stipulate that the employee get a given number of hours of training in some industries. In the aviation industry for

Micro Economic Assignment Example | Topics and Well Written Essays - 1500 words

Micro Economic - Assignment Example A shift in the budget line along the bundle A is shown in the figure. The shift in budget line is parallel that indicates the fact that with a decrease in price of good X, the consumers’ real income increases. Furthermore, this implies that the consumer can now afford more goods and services as compared to the previous condition. Therefore, the parallel shift of the budget line and income effect shifts the consumer to a higher utility level. The movement from A to point B that depicts the effect of fall in price of good X. In case of normal goods, the consumption increases with the rise in income. On the other hand, in case of inferior goods, consumption falls with the rise in income (Arnold 261-265). 2) The change in price represents change in consumption pattern. A consumer is in a better position when consumption is located on a higher indifference curve, which indicates to a consumer’s response to the change in price of goods with respect to its nature. To be noted in this context, price effect is positive in case of normal goods. As positive income change causing shift in the budget line refers to its movement to a higher utility curve, the upward movement indicates that the consumer can purchase larger quantity of goods with same amount (Arnold 261-265). The change in consumption pattern is depicted as a shift in the budget line to a higher position as shown the figure-2 below. 3) Income effect is primarily considered as the result of the change in income earned by an individual. The effect can be positive as well as negative with respect to the type of goods. In case of normal goods, the income effect is positive but for inferior goods, it is negative. With the increase in income earned, preference for inferior goods decreases among consumers and so, the consumers become more likely to purchase substitutes. It is in this context that the shift in consumer preferences gives more satisfaction to the consumers as can be observed with reference to