chapter 4 economics

Question 1

What is a wage?

Answer 1

A wage is based on the number of hours worked by an employee

Question 2

what is a salary

Answer 2

a salary is an employee’s yearly fixed amount of money regardless of the number of hours an employee actually works.

Question 3

whats the youngest age a person can work in WA

Answer 3

10 years old is the youngest a person can work in WA

Question 4

What types of jobs can 10-12-year-olds do?

Answer 4

delivering newspaper and pamphlets before and after school

Question 5

What types of jobs can 13-14-year-olds do?

Answer 5

delivering newspapers, pamphlets, working in a shop, fast food restureants or cafe, collecting troolies at reatail stores.

Question 6

How do the kind of jobs differ once you are over 15?

Answer 6

from the age of 15 children have a much wider variety of employment options as long as they are within government education requirement records

Question 7

definition of Profit

Answer 7

profit refers to the difference between the amount a buissness sells their product for and the amount it costs to make the product

Question 8

definition of investment

Answer 8

items that are expected to ear and income for the owner in the future

Question 9

definition of income

Answer 9

money or other benefits an employee recieves in exchange for working

Question 10

definition of expendenture

Answer 10

the act of spending money or time on something.

Question 11

definition of stadard of living

Answer 11

the level of necesseties,wealth,material goods, and comfort a person can achieve

Question 12

the 4 things work offers

Answer 12

• earning an income
• gaining acess to a higher standard of living
• contributing to self esteem
• contributing to happiness

Question 13

5 ways of earning an income

Answer 13

• wages and saleries
• owning a buisiness
• shares and other investments
• royalties
• welfare paymemts

Question 14

6 types of work arrangements

Answer 14

• full time- permanent position or fixed contract
• part time- less than 38 hrs a week fixed term contract or permanent position
• casual- no certaintity of same number of hours, no sick or annual leave
• from home- (flexible hours)(full time, casual, part time)
• contract- complete by specific date, choose work hours
• volunteer- no hours just come to work when they are needed

Question 15

what is the standard working hours per week

Answer 15

-38hrs