HUMANITES Flashcards
WAGE
an amount of money that an employee
is paid based on the work that they
provide
PROFIT
the amount of money a business earns
after taking away the expenses that it
has to pay
LABOUR MARKET
the supply of and demand for labour;
also known as the job market
Living standard
the level of wealth, material goods and
comfort available to people
Work-life balance
the relationship between a person’s
work and lifestyle, and the impact they
have on each other
Outsourced
to have obtained goods and services
from outside suppliers to reduce costs
Competitors
rival businesses that make products in
the same market
Developed countries
a country with a well-developed
economy and a relatively high
standard of living that is able to
support the needs of its citizens
Developing countries
a less economically developed
country that has some difficulties in
supporting the needs of its people
Ethical consumers
people who make an effort to purchase
goods and services that do not have
a negative impact on other people,
animals or the environment
Economy
a system that involves the production,
distribution, trade and consumption
of goods and services by individuals,
businesses, organisations or
governments
Workers union
organised associations of workers that
are formed to protect and further the
workers’ rights, interests and working
conditions
Employment
having a job that returns an income
for the work provided
Strike
a refusal to work as a form of protest
until something is done to address the
workers’ concerns
Minimum Wage
A legal standard for how much people must be paid and employers cannot pay workers less.
