Workers Flashcards
1
Q
Types of wages(4)
A
- Time-rate
- Piece rate
- Performance rate
- Salaries
2
Q
What affects an individual’s choice of occupation
A
- Wage factors - amoutn of pay
- Non wage factors - Fringe benefits, working hours, etc.
3
Q
What happens to demand for labor when wage rate increases
A
Decreases
4
Q
What happens to supply for labor when wage rate increases
A
Increases
5
Q
Factors affecting demand for labor (4)
A
- Consumer demand
- Productivity of labour
- Price and Productivity of Capital
- Cost of non-wage employment
6
Q
Factors affecting supply for labor (3)
A
- Demographic changes
- Increased training
- Occupational advantages
7
Q
Wage differentials between different jobs (3)
A
- Risk involved
- Working hours
- Lack of awareness, immobility of labour
- cost of fringe benefits
8
Q
Wage differentials between same job (6)
A
- Qualifications
- Working hours
- Government policies
- Trade union
- Discrimination
- Regional demand/supply for labour
9
Q
Other wage differentials (5)
A
- Skilled/unskilled
- Public/Private sector
- Economic sector
- Gender pay gap
- International wage rates
10
Q
What is division of labour
A
The separation of production processes as dfferent tasks for different workers
11
Q
Advantages - workers
A
- Specialisation
- Future job prospects
- Skills
12
Q
Disadvantages - workers
A
- Monotony
- Alienation
- Less mobility
13
Q
Advantages - firms
A
- Higher quality products
- Better efficiency
- Low costs of production
14
Q
Disadvantages - Firms
A
- Increased dependency
- Risk of overproduction
15
Q
Advantages - Economy
A
- Efficient firms
- More utilization of human resource
16
Q
Disadvantages - Economy
A
- Lack of innovation
- Labour immobility
- Factory culture
