3.2 key terms quiz occupation and wages
TRANSCRIPT
QuizOccupations and Earnings
Wages
Amount of money earned in exchange for mental/ physical work donePaid daily/weekly/monthlyPart of cost of production for businessAlso called salary
_ _ _ _ _
Wage Rate
Remuneration paid per unit timeMoney paid according to the work, time, piece
_ _ _ _ _ _ _ _
Labour Market
Place where we buy or sell workers workIt determines the wage rate
_ _ _ _ _ _ _ _ _ _ _ _
Time Rate
Rate paid per hourVaries in accordance timehigher for risky work
_ _ _ _ _ _ _ _
Piece Rate
Money paid for per unit of outputEncourages the greater productivity in employees
_ _ _ _ _ _ _ _ _
Gross Earnings
Total amount of money earned Wage earned before direct tax
_ _ _ _ _ _ _ _ _ _ _ _ _
Fringe Benefits
Other perks given in addition to wagespaid in cash or kindEx. pensions, medical/ housing/transport allowances.
_ _ _ _ _ _ _ _ _ _ _ _ _ _
Factor Substitution
Replacing one factor of production by otherImproves productivity and changes cost structure for firmMakes firms more efficient
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Derived Demand
Indirect demandDemand originated due to the greater demand for the product that facoter produced
_ _ _ _ _ _ _ _ _ _ _ _ _
Wage Differential
Discrimination in the salary or workerPaying different money due to differing colour , religion , gender
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Dirty Jobs
Working in high risk areasHigh paid unsocial jobs
_ _ _ _ _ _ _ _ _
Skilled Labour
Worker with specific trainings and expertise It provides higher wages
_ _ _ _ _ _ _ _ _ _ _ _ _
Gender Pay Gap
Difference in the pays dues to sexSame work but different salary due to gender
_ _ _ _ _ _ _ _ _ _ _ _
Market Intervention
Government interference in particular market Introduction of certain controls in the functioning of free market.Its objective to protect market from failure.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Exploitation
Act of using others resources without adequate compensationTaking off others benefit of work
_ _ _ _ _ _ _ _ _ _ _ _
Unemployment
Unavailability of work at acceptable wage rateSituation when worker want to join workforce but fails to get job.
_ _ _ _ _ _ _ _ _ _ _ _