Wages Flashcards
0
Q
Higher skilled workers…
A
Tend to be higher paid due to having higher qualifications
1
Q
Wage differentials definition…
A
Are the differences in wages between different groups of workers or between workers in the same occupation
2
Q
Wages vary between
A
Regions…
3
Q
Also…
A
Trade unions influence wage rate
4
Q
Wages are made up of…
A
Transfer earnings and economic rent
5
Q
Transfer earnings…
A
What a worker could be earning in their next best alternative job- the opportunity cost of performing that job
Size differs between workers
6
Q
Economic rent…
A
Amount above transfer earnings keeping the worker in their current position
