The Labour Market Flashcards
1
Q
What is the labour market?
A
the labour market refers to the supply and demand of workers in a particular industry
2
Q
What is gross pay?
A
the amount of money you get paied before any deductions are made
3
Q
What is net pay?
A
the amount of money you have after the deductions are made e.g national insurance or pension payments
4
Q
What deductions can be made from you pay?
A
- national insurance
- pensions
- income tax
5
Q
What are four factors that the labour market depends on?
A
- productivity of workers
- demand for good
- wages
- non-wage costs - paying national insurance
6
Q
Name 3 reasons for wage differentials within the same occupation
A
- experience and qualifiications
- productivity
- region
7
Q
Name 5 reasons for wage differentials between different occupations
A
- skills required
- popularity of job
- government sector
- trade union activity
- profitability of industry
