the 5 main factors are:
1. My place to stay there.
2. The welfare of my family.
3. The returns that I will get after I go there.
Salary & Performance Based Remuneration
Experience & Development
2. Food facilities
3. Water availability
If one gets a job in a far off place, before accepting it one would try to consider many factors, apart from income such as:
(i) Facilities for the family: I would have to check if there is good educational facility for children, a good house and locality to stay in, good medical facilities should also be available.
(ii) Job security: I should have clear terms of employment in my appointment letter. A job which gives high pay but no job security will reduce one’s sense of security and freedom.
(iii) Opportunity to learn: There should be opportunity for personal career growth, so that no boredom or stagnation sets in.
(iv) Working atmosphere needs to be cooperative and healthy: There should be good team spirit and the seniors should look after the newcomers and guide them. If women are engaged in paid work, their dignity in the household and society increases. A safe and secured environment may allow more women to take up jobs or run a business.
(v) Time for your family: Working hours should be fixed and adhered to so that there is time for spending with family. Leave facility must be there as well.
the problem of choice, like an individual, also applies to the society as a whole. thus, for an economy, economic problem is the problem of resource allocation.
according to milton friedman, “an economic problem exists whenever scarce means are used to satisfy alternative ends.
if means are not scarce, there is no problem at all.” according to oscar lange, “science of administration of scarce resources in human society.”
(i) unlimited wants: we all have unlimited wants, where all of them cannot be satisfied.
(ii) limited resources: in economics, scarcity means that commodities and resources to produce goods and services are less in relation to their demand.
(iii) alternative uses of resources: means are not only limited but also have alternative uses.
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