3.2 Key Terms Quiz Occupation and Wages
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The quiz for practicing key economic terms of IGCSE for chapter 3.2 jOccupation and Wages.
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3.2 Key Terms Quiz Occupation and Wages
- 2. Wages Amount of money earned in exchange for mental/ physical work done Paid daily/weekly/monthly Part of cost of production for business Also called salary _ _ _ _ _
- 3. Wage Rate Remuneration paid per unit time Money paid according to the work, time, piece _ _ _ _ _ _ _ _
- 4. Labour Market Place where we buy or sell workers work It determines the wage rate _ _ _ _ _ _ _ _ _ _ _ _
- 5. Time Rate Rate paid per hour Varies in accordance time higher for risky work _ _ _ _ _ _ _ _
- 6. Piece Rate Money paid for per unit of output Encourages the greater productivity in employees _ _ _ _ _ _ _ _ _
- 7. Gross Earnings Total amount of money earned Wage earned before direct tax _ _ _ _ _ _ _ _ _ _ _ _ _
- 8. Fringe Benefits Other perks given in addition to wages paid in cash or kind Ex. pensions, medical/ housing/transport allowances. _ _ _ _ _ _ _ _ _ _ _ _ _ _
- 9. Factor Substitution Replacing one factor of production by other Improves productivity and changes cost structure for firm Makes firms more efficient _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
- 10. Derived Demand Indirect demand Demand originated due to the greater demand for the product that facoter produced _ _ _ _ _ _ _ _ _ _ _ _ _
- 11. Wage Differential Discrimination in the salary or worker Paying different money due to differing colour , religion , gender _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
- 12. Dirty Jobs Working in high risk areas High paid unsocial jobs _ _ _ _ _ _ _ _ _
- 13. Skilled Labour Worker with specific trainings and expertise It provides higher wages _ _ _ _ _ _ _ _ _ _ _ _ _
- 14. Gender Pay Gap Difference in the pays dues to sex Same work but different salary due to gender _ _ _ _ _ _ _ _ _ _ _ _
- 15. Market Intervention Government interference in particular market Introduction of certain controls in the functioning of free market. Its objective to protect market from failure. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
- 16. Exploitation Act of using others resources without adequate compensation Taking off others benefit of work _ _ _ _ _ _ _ _ _ _ _ _
- 17. Unemployment Unavailability of work at acceptable wage rate Situation when worker want to join workforce but fails to get job. _ _ _ _ _ _ _ _ _ _ _ _