The individual as producer, consumer and borrower Flashcards
define money
any commodity which can be used as a medium of exchange that is accepted for the purchase of goods and services
characteristics of money
durability acceptability divisibility scarcity uniformity portability
functions of money
measure of value
store of value
medium of exchange
standard of deferred payment
what is bartering and 3 problems with bartering
bartering is swapping items in exchange for other times through negotiation
double coincidence of wants
portability
divisibility
the central bank is ?
the monetary authority that oversees and manages the nations money supply and banking system
list 4 functions of the central bank
sole right to issue legal tender
governments bank
lender of last resorts
bankers bank
what is a stock exchange
it is an institutuional marketplace for trading shares of plcs. it provides a platform to buy and sell shares
5 functions of stock exchange
safety of transaction grow price mechanism bonds share capital
the primary functions of commercial bank
accepting deposits
credit creation
advances
8 non wage factors
career prospects challenge danger training experience recognition satisfaction education
demand for labour is a
derived demand
advantages of national minimum wage
more people seek employment
less exploitation
disadvantages of national minimum wage
in order to maintain pay differences senior employees may ask for pay rise
unemployment due to added cost
how can government intervene in labour markets
trade union legislation
employment rights
geographical mobility refers to the ?
willingness and ability of a person to relocate from one part of the country to another for work
occupational mobility refers to the?
ease with which a person is able to change between jobs dependent on the cost and length of training required for the job
why do skilled workers earn more than unskilled workers
high demand and low supply ped is inelastic
why do men generally earn more than women
women are involved in more part time
women take career break to have children
women seek for more flexible jobs which may be low paying
women may face discrimination at work
what is a trade union?
a group or an organisation that exists to protect the rights of the workers
what are the four kinds of trade unions
craft union
industrial union
general union
white collar union
what is collective bargaining?
when a trade union representative negotiates on behalf of the union’s members for better working conditions.
what are the basis of wage claims?
inflation
workers in comparable occupations have higher wages
increased profit
increased productivity
list 3 positive impacts of trade unions
help solve disputes
offer legal support
raise living standards
what are the negative impacts of trade unions
often portrayed as antagonists and can cause severe disruption in the economy
employers may believe that trade unions may force an increase in costs
