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