Ch.18- Workers

Question 1

Earnings

Answer 1

The total pay received by a worker

Question 2

Wage rate

Answer 2

A payment which an employer contracts to pay a worker. It’s the basic wage a worker receives per unit of time or output

Question 3

National minimum wage (NMW)

Answer 3

A minimum rate of wage for an hour’s work, fixed by the government for the whole economy

Question 4

Wage differential

Answer 4

The difference in wages

Question 5

Primary sector

Answer 5

covers agriculture, fishing, forestry, mining and other industries which extract natural resources.

Question 6

Secondary sector

Answer 6

Covers manufacturing and construction industries

Question 7

Tertiary sector

Answer 7

Covers industries which provide services

Question 8

Elasticity of demand for labour

Answer 8

A measure of the responsiveness of demand for labour to a change in the wage rate

Question 9

Elasticity of supply of labour

Answer 9

A measure of the responsiveness of the supply of labour to a change in the wage rate

Question 10

Specialisation

Answer 10

The concentration on particular products or tasks

Question 11

Division of labour

Answer 11

Workers specialising in particular tasks