Workers Flashcards

1
Q

Define ‘Earnings’.

A

The total pay recieved by a worker.

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2
Q

Define ‘Wage Rate’.

A

A payment which an employer contracts to pay a worker. It is the basic wage a worker receives per unit of time or unit of output.

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3
Q

What are the 4 wage factors that affect job choice?

A
  • Wages
  • Overtime pay
  • Bonuses
  • Comission
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4
Q

What 11 non-wage factors affect job choice?

A
  • job satisfaction
  • type of work
  • working conditions
  • working hours
  • holidays
  • pensions
  • fringe benefits
  • job security
  • career prospects
  • size of the firms
  • location
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5
Q

Define ‘National Minimum Wage’.

A

A minimum rate of wage for an hour’s work, fixed by the government for the whole economy.

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6
Q

Workers recieve high wages if demand for their labour is ___ and supply of it is ___.

A

Workers recieve high wages if demand for their labour is high and supply of it is low.

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7
Q

What are the 5 determinants of supply for labour?

A
  • size of labour force
  • qualifications and length of training required
  • non-wage factors
  • wage factors
  • wage and non-wage factors of other jobs
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8
Q

What 5 factors affect earnings of workers?

A
  • changes in supply and demand
  • bargaining strengths
  • government policies
  • public esteem
  • discrimination
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9
Q

What type of industries does the Primary Sector cover?

A

Industries which extract natural resources.

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10
Q

What type of industries does the Secondary Sector cover?

A

Manufacturing and construction industries.

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11
Q

What type of industries does the Teritary Sector cover?

A

Industries which provide services.

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12
Q

Define ‘Specialisation’.

A

The concentration on particular products or tasks.

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13
Q

Define ‘Division of Labour’.

A

Workers specialising in particular tasks.

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14
Q

What are the three determinants of demand for labour?

A
  • demand for product produced
  • labour productivity
  • price of capital
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15
Q

What are the benefits of division of labour?

A
  • reduced cost per unit produced
  • reduced training costs
  • reduced money spent on equipment
  • saving of workers’ time
  • mechanisation of production process
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16
Q

What are the possible disadvantages of specialisation?

A
  • workers may get bored of monotony

- difficult to find cover for workers