Global Journal of Human Social Science, E: Economics, Volume 21 Issue 4

The difference between GDP and GNP is the net income from abroad, being the difference between the incomes earned abroad less the incomes paid abroad. Indeed, Gross Domestic Product is the difference between the Gross National Product and the Net Income from abroad. The National Income: This is the sum of all the factor incomes generated in the process of production for the given year. It refers to individual earnings like profits, interest, wages, rents, dividends. Per Capita Income: This is the income of a nation per head of the population. It is obtained by dividing the Country's GNP by its populace. Disposable Income: This is personal income minus personal taxes and the balance is known as disposable income which is further divided into consumption and saving. Monetary Policy: This refers to manipulating money supply and demand, which affects the economy's interest rate and credit. Fiscal policy is the manipulation of the economy through taxes and expenditures of the government to achieve stability in the economy. Commercial Policy is the measures taken to equalised the receipts and payments in an international transaction (i.e., external balance). Such actions include tariffs, exchange control, prohibition and quota. II. O veremployment Overemployment is a situation in which a person or a worker consistently work for more hours than he/she can sustainably work or bargain to work. Overemployment can only occur when a worker is overworked, i.e., exceeding the time assigned or bargained to work involuntarily. Overemployment means the excessive use of a worker, person, thing, strategy, etcetera by another person or thing. Individuals are over-employed when such people are ready to forgo some proportionate income for a given reduction in their work hours which similar sacrifice but cannot do so at their current job or a suitable comparable job. For example, an over- employed individual would like to work not more than forty hours per week (including overtime), but the employer forces them to work fifty hours per week. It is also a situation in which the number of vacancies for jobs exceeds the number of people unemployed or about to be employed thereby, producing a labour shortage. It is also a situation in which a person or worker consistently works more hours than he/she can sustain the work. Overemployment is said to have occurred when staff is overworked. Brokerages and other significant corporations may encourage over-employment by promoting a culture in which those who work the most hours tend to receive promotions. It is a situation in which a company hires more employees than it can afford to maintain wages, salaries, and incentives. Overstaffing occurs if a small business unit decides to employ all the business owners' children with no work for some of them to do. Similarly, overstaffing will ensue when a company hires more staff to expect increased production, which may be unsustainable if the expected increase in business does not materialise. Altonji and Oldham (2003), Feather and Shaw (2000), Contensou and Vranceanu (2000), and Rebitzer and Taylor (1995) stated that employers bring face various incentives to pressurise workers to work overtime by lengthening their hours of work which may be against the will and wish of each employee. Lee and McCann (2004) stated that surplus hours are created whenever they work beyond their stipulated hours of work. This condition may persist indefinitely, and when alternative jobs with shorter working hours, the workforce output will be relatively lower (Kaufman and Hotchkiss 2006). Hour's mismatches or inconvenient hours do not compensate wage differentials for working (Altonji and Paxson 1992; Reynolds 2004). Overemployment creates a social problem when symptoms of "overwork" occur, such as fatigue and stress, workplace accidents, illnesses, and work-family time conflicts. John de Graaf (2003) stated that people who remain over-employed tolerate long hours of work because they either expect their employment to be brief (such as temporary caregiving) or figure that part-time or reduced hours status involves too large a sacrifice in to pay. Overemployment is depriving the employed of their desired time. Overemployment is considered different perspectives as cyclical, frictional, and structural macroeconomic sources of over-employment according to Altman and Golden (2004). Measuring the overall rate of overemployment has not been proven successful. The estimated range is from 6 per cent to over 30 per cent of the US workforce according to Bell and Freeman (1995); and Altman and Golden (2004); this rate is lower in comparative countries as stated by Bielinski, Bosch, and Wagner (2002). The over-employment rate may reduce diminish with time if penchants are "endogenous." and workers are not able to "get what they want, and rather want what they get" (Schor 2005, p. 46). Golden (2005) has stated that overemployment distribution is highest among women with preschool children, professional and technical health occupations, and long work-weeks. Overemployment is considered as the form of an unfulfilled wish to switch from long to standard or part- time hours or decline mandatory overtime work. Volume XXI Issue IV Version I 57 ( E ) Global Journal of Human Social Science - Year 2021 © 2021 Global Journals Which of these Economics Jargons - Underemployment, Overemployment, Unemployment, Rightemployment, Overqualification and Overeducation is Appropriate for an Economy?