The labour market Flashcards
1
Q
Labour market
A
Where workers sell their labour and employers buy the labour
2
Q
Supply of labour
A
The total number of people who are willing and eligible to supply their labour, including the unemployed
3
Q
Gross pay
A
The amount of money that an employee earns before any deductions are made
4
Q
Income tax
A
A tax levied on personal income, i.e. a tax on a person’s wages
5
Q
National insurance
A
A contribution paid by workers and their employers towards the cost of state benefits
6
Q
Net pay
A
The amount of money that an employee is left with after deductions are made from gross pay
7
Q
Pension
A
A fiexd amount paid at regular intervals to a person (usually retired) or their surviving dependents.
