Workers Flashcards
Define ‘Earnings’.
The total pay recieved by a worker.
Define ‘Wage Rate’.
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.
What are the 4 wage factors that affect job choice?
- Wages
- Overtime pay
- Bonuses
- Comission
What 11 non-wage factors affect job choice?
- job satisfaction
- type of work
- working conditions
- working hours
- holidays
- pensions
- fringe benefits
- job security
- career prospects
- size of the firms
- location
Define ‘National Minimum Wage’.
A minimum rate of wage for an hour’s work, fixed by the government for the whole economy.
Workers recieve high wages if demand for their labour is ___ and supply of it is ___.
Workers recieve high wages if demand for their labour is high and supply of it is low.
What are the 5 determinants of supply for labour?
- size of labour force
- qualifications and length of training required
- non-wage factors
- wage factors
- wage and non-wage factors of other jobs
What 5 factors affect earnings of workers?
- changes in supply and demand
- bargaining strengths
- government policies
- public esteem
- discrimination
What type of industries does the Primary Sector cover?
Industries which extract natural resources.
What type of industries does the Secondary Sector cover?
Manufacturing and construction industries.
What type of industries does the Teritary Sector cover?
Industries which provide services.
Define ‘Specialisation’.
The concentration on particular products or tasks.
Define ‘Division of Labour’.
Workers specialising in particular tasks.
What are the three determinants of demand for labour?
- demand for product produced
- labour productivity
- price of capital
What are the benefits of division of labour?
- reduced cost per unit produced
- reduced training costs
- reduced money spent on equipment
- saving of workers’ time
- mechanisation of production process
