Chapter 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 is basic wage a worker receives per unit of time or unit of output

Question 3

Bonus

Answer 3

An extra payment

Question 4

Wage factors

Answer 4

Wages, Overtime pay, Bonuses, Commision

Question 5

Non-wage factors (Name 11)

Answer 5

Job satisfaction, Type of work, Working conditions, Working hours, Holidays, Pensions, Fringe benefits, Job security, Career prospects, Size of the firms, Location

Question 6

National Minimum Wage (NMW)

Answer 6

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

Question 7

Wage differential

Answer 7

The difference in wages

Question 8

Bargaining power

Answer 8

The relative ability of parties in an argumentative situation to exert influence over each other

Question 9

Primary sector

Answer 9

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

Question 10

Secondary sector

Answer 10

Covers manufacturing and construction industries

Question 11

Tertiary sector

Answer 11

Covers industries which provide services

Question 12

Elasticity of demand for labour

Answer 12

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

Question 13

Elasticity of supply of labour

Answer 13

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

Question 14

Specialisation

Answer 14

The concentration on particular products or tasks

Question 15

Division of labour

Answer 15

Workers specialising in particular tasks

Question 16

Key factor that determines the amount of pay

Answer 16

Supply and demand of labour