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A2 Economics > Part 1 - Nature Of Work And Leisure, Trends In Employment And Earnings > Flashcards

Part 1 - Nature Of Work And Leisure, Trends In Employment And Earnings Flashcards

0
Q

What industries report the highest and lowest average earnings, respectively?

A

Financial services, hotel and restaurant

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1
Q

What are earnings?

A

Wages + overtime pay! bonuses and commission

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2
Q

Who does the actual labour force include?

A

The unemployed + the employed

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3
Q

Define the economically inactive

A

Working age people who are neither in employment or unemployed

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4
Q

What is the potential labour force?

A

The labour force plus the economically active

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5
Q

Describe the recent trends of employment of public and private sector workers

A

Both have grown, public sector employment growing more

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6
Q

How do public sector workers typically differ to private

A

Far more female workers, much higher proportion have a degree

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7
Q

Are people who work part time typically choosing to work part time, or are they just unable to find a full time job?

A

Over 75% choose to work part time

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8
Q

Define part time workers

A

People working less than 30 hours a week

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9
Q

What falls under the term temporary work?

A

Casual work, seasonal work, working for employment agencies, fixed-period contract work

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10
Q

What is homeworking?

A

Working either at home or at places away from the central office, production or distribution facilities, using the home as the base

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11
Q

What are the benefits of homeworking and why?

A

Workers have more control over when they work, helping with family commitments and reducing stress
Employers benefit from lower office costs, access a wider pool of workers
Less congestion and pollution from less commuting

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12
Q

What is teleworking?

A

Using a telephone and a computer to carry out work

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13
Q

How is average age in the labour force changing?

A

It’s increasing

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14
Q

What are the benefits and drawbacks of employing older workers?

A

They change jobs less frequently, bring experience to the workforce - this reduces turnover costs
Less geographically and occupationally mobile than young workers

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15
Q

How is the proportion of men and women in the labour force changing?

A

Women are forming a greater proportion of the labour force, men still higher

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16
Q

Why is it that women are participating in the labour force more?

A

Increased job opportunities for women
Increased pay
Changing social attitudes
Increased expectations of living standards
Women having children later and returning to work quicker

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17
Q

Give some examples of pay inequality between genders

A

90% CEO’s are men
96% aircraft pilots are men

81% of checkout operators are women
As are 79% of cleaners

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18
Q

Why may it be that ethnic minorities are far less likely to be members of the labour force?

A

Discrimination by employers
Language difficulties
Cultural differences (mainly applies to women)

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19
Q

What are unit labour costs?

A

Labour costs per unit of output

20
Q

What are the main costs that make up labour costs?

A

Wages
National insurance
Redundancy payments
Recruiting and training

21
Q

Why is unit labour cost lower in the USA in comparison to most EU countries?

A

Their workers are more productive

22
Q

What is the tax wedge?

A

The gap between what employers pay for labour and what workers receive in disposable income

23
Q

Why may increased unit labour costs NOT lower competitiveness

A

They may not lower quality competitiveness, so consumers are prepared to pay for high quality

24
Q

What is outsourcing?

A

Subcontracting part of the production process to another firm

25
Q

What is offshoring?

A

Transferring part of the production process to another country. May be outsourced or undertaken by the same firm

26
Q

How have some EU and US firms reacted to the competitive pressure from China and India on unit labour costs?

A

Outsourcing and offshoring

27
Q

What is leisure?

A

The time people have left after work/education and maintenance commitments

28
Q

What is maintenance time?

A

The activities necessary for existence - sleeping, bathing, eating, domestic work

29
Q

Explain why overtime rates are typically more than standard rates

A

Working longer hours means less leisure time, so as leisure time decreases, the more valuable what they have less becomes and hence they have to be compensated more to give it up

30
Q

List the 3 suppliers of leisure

A

The private sector
The public sector
The voluntary sector

31
Q

How do the private sector supply leisure? Give an example

A

For example a cinema charges you to watch a film

32
Q

How do the public sector supply leisure? Why?

A

Local authorities and agencies representing the government supple various leisure activities such as libraries, parks.
Most of the activities they supple are merit goods

33
Q

How do the voluntary sector supple labour?

A

Volunteer run clubs, for example angling. May charge a small fee to finance the activities

34
Q

List and describe the factors influencing demand for a particular leisure activity.

A

The price
The price of complementary goods and services - for example going to the cinema may incur travel costs and buying popcorn
Price of substitutes - includes work
Tastes
Age composition of population
Gender composition - eg more man engage in DIY as leisure
Advertising
Major events - eg World Cup stimulating more people to play football
Exchange rate

35
Q

Describe 4 recent changes in the leisure market

A

Rise in proportion of home based leisure activities
Rise in gambling, through online gambling
Rise in expenditure on leisure, from more disposable income and more leisure time
Increase of influence of USA

36
Q

Why has the tourism industry increased so much?

A 
Increase in disposable income
Reduction in working hours
Fall in the real cost of travel
Early retirement 
People living longer
A reduction in time spent on domestic take
Improved transport
Increased advertising 
Increased awareness of the benefits
37
Q

Give an example of how the benefits of tourism spread

A

Initially they benefit and create employment for hotels, attractions, restaurants. Then they create income and employment in insurance firms, taxi companies

38
Q

What is the tourism income multiplier?

A

The extent to which a change in income from tourism causes GDP to change

39
Q

Give some reasons as to why the benefits of tourism may not be as great as they initially appear.

A

The initial jobs created in the tourist industry are usually not very well paid.
The effect of income and employment is not felt as much if a large proportion of goods and services used in the tourism industry are imported

40
Q

What typically influences the effect of tourism on the balance of payments?

A

Where the firms involved obtain their materials and foods

National origin of the firms

41
Q

Why may social tensions arise from tourism?

A

If the tourists have notable different income levels and culture to the locals, the locals may be upset, for example if tourists get drunk and make lots of noise late at night.
Greater spending power of tourists may cause resources to be switched from meeting the needs of locals, to meeting the needs of tourists

42
Q

How can tourism threaten local culture?

A

The locals, typically younger locals, copy the culture of tourists in manners such as clothes, social attitudes, drink.
Presence of tourists changes the types of goods and services demanded and hence the skills and working patterns of the locals

43
Q

How can tourism damage the environment?

A

Visual pollution, eg hotels and theme parks
Noise and air pollution of travel used by tourists
Waste generated by tourists
Congestion
Destruction of natural environment to provide activities for tourists

44
Q

How do changes in the economy influence leisure?

A

A growing economy causes personal incomes to rise, causing demand for most leisure products to rise too.

45
Q

How are leisure products affected by changes in disposable income?why?

A

Most are disproportionally affected, as many are superior goods

46
Q

What is the market concentration ratio?

A

The percentage share of the market of a given number of firms

47
Q

How does the market concentration ratio influence competitive pressure and market power?

A

Higher the market concentration ratio, the less competitive pressure there is in an industry and the more market power the big firms have

A2 Economics (7 decks)

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