Economic Implications Flashcards
What is absenteeism?
Employee absence from work
What is the economy?
A system that enables scarce resources to be distributed according to different needs and wants
What is the gender pay gap?
Difference in pay between male and female workers- currently 7.9%
Maternity pay?
Paid by the government
Paid as 90% of your average weekly earnings for the first 6 weeks
Then 172.48 or 90% of your average weekly earnings (whichever is lower) for the next 33 weeks
Paternity pay?
Paid by the government
Employees can choose to take either 1 week or 2 consecutive weeks leave
Statutory paternity pay for eligible employees is either 172.48 a week or 90% of their average weekly earnings (whichever is lower)
What is productivity?
Compares the amount of goods/services produced with the amount of inputs
E.g. if employees are unable to work, productivity is lowered because other employees may have to make up for the worker not performed by those who are absent
What is scarcity?
Resources are limited, wants are unlimited
What is statutory sick pay?
Sick pay is paid by your employer for up to 28 weeks (109.40) if you are too ill to work
What is taxation?
You pay tax on your income which contributes to the economy
Money from taxes pays for essential services e.g. schools, healthcare and the criminal justice system
What is an economic implication?
The effect that something e.g. a research finding might have on this system
