Labour Market

Question 1

What do firms give individuals (2)

Answer 1

Pay workers income

Supply/ produce output

Question 2

What do individuals give firms (2)

Answer 2

Exchange the goods/ services for money

Be workers to produce output

Question 3

Monetary reasons for taking certain jobs (4)

Answer 3

Wages/ salaries
Overtime (extra time)
Bonus (for being good)
Commission (proportion of value of goods sold)

Pensions?????

Question 4

Non-monetary reasons for taking certain jobs (6)

Answer 4

Vocation
Talent/ability
Location
Holidays
Discounts
Promotion/ career opportunities

Pensions?????

Question 5

What do the wage/ non wage factors determine

Answer 5

The supply of labour by individuals and by the market

Question 6

Why might wages increase (4)

Answer 6

Promotion (become more experienced/ better or someone leaves)
Results (reward for success, prevents from leaving)
Skills/ qualifications
Experience/ length of service

Question 7

Why might there be differences in wages between/ within occupations (4)

Answer 7

Skills
Public vs private
Agriculture vs manufactory vs services (training, specialty, yield for farming)
Discrimination