3.3 Workers Flashcards
(14 cards)
What are 3 payments of labour?
- Time-rate wage
- Salary
- Comissions
What are 2 things that affect an individuals choice of occupation?
- Wage factors
- Non-wage Factors
Define labour demand
number of workers demanded by firms at a given wage rate
Define labour supply
number of workers available and ready to work in an industry at a given wage rate
What are 2 factors that cause a shift in labour-demand curve?
- Consumer demand for goods/services
- PRoductivity of labour
What are 2 factors that cause a shift in labour-supplycurve?
- Quality of education/training
- Demographic Changes
List 3 reason why jobs have different wages
- Different skills/qualifications
- Risk involved
-Unsociable Hours
List 3 reason Why wages differ between people doing the same job
- Discrimination
- Length of Service
- Fringe Benefits
What are 2 advantages of specialization to workers?
- Become Skilled
- Better future job prospects
What are 2 disadvantages of specialization to workers?
- Monotony
- Margin for errors increases
What are 2 advantages of specialization to firms?
- Increased productivity
- Increased quality
What are 2 disadvantages of specialization to firms?
- Dependency
- Overproduction
What are 2 advantages of specialization to an economy?
- Better use of human resources
- Efficient firms
What are 2 disadvantages of specialization to an economy?
- Creates factory culture
-Labour immobility
