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Pre-Q Economics > 16. Labour Markets > Flashcards

16. Labour Markets Flashcards

1
Q

What influences jobs that people choose?

A

Wage and Non-wage factors

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2
Q

What is a Wages?

A

Money paid on calculation of hours worked

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3
Q

What is a Salary

A

Paid monthly regardless of output of the worker

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4
Q

What is a Piece rate?

A

A fixed amount paid per piece of item made

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5
Q

What is a Commission?

A

A paid % of the value of the good sold

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6
Q

What is a bonus?

A

Additional lump sum of money

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7
Q

What is Labour demanded for?

A

Goods and services it can produce

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8
Q

What factors influence the demand for Labour?

A

Total Demand in an Economy
The productivity of labour
Cost of labour
Cost of technology

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9
Q

What is the Minimum Wage?

A

The lowest amount can pay its workers as set by the government

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10
Q

What is the minimum wage for people starting out in work?

A

$14.16/hour

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11
Q

What happens if the Minimum Wage changes?

A

Increase in demand for labour

or a decrease in demand for labour

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12
Q

What are the advantages of Minimum Wage?

A

Worker are not exploited
An incentive to work as there is guaranteed pay
Low-income workers may have more money to spend

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13
Q

What are the disadvantages of Minimum Wage?

A

High earners will want to maintain the wage differences between them and low earners
Demand for Labour decreases and unemployment

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14
Q

What are Non-Wage factors that influence a person decision to work

A 
Career
Challenge
Danger
Level of skill required
Personal satisfaction
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15
Q

What does the Supply of Labour consist of?

A

People of working age who are willing and able to work

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16
Q

Why might business demand for labour change?

A

Change in consumer demand
Population change
Change in productivity
Change in the cost of Capital

17
Q

Why might the Supply of Labour change?

A

Change in benefits of an occupation
Change in quality of education
Change in age demographics

18
Q

What is the Labour Force Participation Rate?

A

% of the working population that is working rather than being unemployed

19
Q

What impacts the Working Population?

A

Availability of Welfare
Changing of social climate and constructs
Geographical mobility

20
Q

What are wage differentials?

A

Difference in wages between employees and occupations

21
Q

What are the reasons for wage differentials?

A 
Abilities
Working hours
Labour immobility
Job satisfaction
Difficulty
Public sector vs Private sector
Racism
Discrimination

Pre-Q Economics (27 decks)

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