Labour Market Flashcards Preview

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Flashcards in Labour Market Deck (7)
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1
Q

What do firms give individuals (2)

A

Pay workers income

Supply/ produce output

2
Q

What do individuals give firms (2)

A

Exchange the goods/ services for money

Be workers to produce output

3
Q

Monetary reasons for taking certain jobs (4)

A

Wages/ salaries
Overtime (extra time)
Bonus (for being good)
Commission (proportion of value of goods sold)

Pensions?????

4
Q

Non-monetary reasons for taking certain jobs (6)

A
Vocation
Talent/ability
Location
Holidays
Discounts
Promotion/ career opportunities

Pensions?????

5
Q

What do the wage/ non wage factors determine

A

The supply of labour by individuals and by the market

6
Q

Why might wages increase (4)

A

Promotion (become more experienced/ better or someone leaves)
Results (reward for success, prevents from leaving)
Skills/ qualifications
Experience/ length of service

7
Q

Why might there be differences in wages between/ within occupations (4)

A

Skills
Public vs private
Agriculture vs manufactory vs services (training, specialty, yield for farming)
Discrimination