Quiz
Occupations and Earnings
Wages
Amount of money earned in exchange for
mental/ physical work done
Paid daily/weekly/monthly
Part of cost of producti...
Wage Rate
Remuneration paid per unit time
Money paid according to the work, time,
piece
_ _ _ _ _ _ _ _
Labour Market
Place where we buy or sell workers work
It determines the wage rate
_ _ _ _ _ _ _ _ _ _ _ _
Time Rate
Rate paid per hour
Varies in accordance time
higher for risky work
_ _ _ _ _ _ _ _
Piece Rate
Money paid for per unit of output
Encourages 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 wages
paid in cash or kind
Ex. pensions, medical/
housing/transport allow...
Factor Substitution
Replacing one factor of production by
other
Improves productivity and changes cost
structure for firm
...
Derived Demand
Indirect demand
Demand originated due to the greater
demand for the product that facoter
produced
_ _ _ _ _...
Wage Differential
Discrimination in the salary or worker
Paying different money due to differing
colour , religion , gende...
Dirty Jobs
Working in high risk areas
High paid unsocial jobs
_ _ _ _ _ _ _ _ _
Skilled Labour
Worker with specific trainings and
expertise
It provides higher wages
_ _ _ _ _ _ _ _ _ _ _ _ _
Gender Pay Gap
Difference in the pays dues to sex
Same work but different salary due to
gender
_ _ _ _ _ _ _ _ _ _ _ _
Market Intervention
Government interference in particular
market
Introduction of certain controls in the
functioning of fr...
Exploitation
Act of using others resources without
adequate compensation
Taking off others benefit of work
_ _ _ _ _ _ _ _...
Unemployment
Unavailability of work at acceptable wage
rate
Situation when worker want to join
workforce but fails to get ...
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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

  1. 1. Quiz Occupations and Earnings
  2. 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. 3. Wage Rate Remuneration paid per unit time Money paid according to the work, time, piece _ _ _ _ _ _ _ _
  4. 4. Labour Market Place where we buy or sell workers work It determines the wage rate _ _ _ _ _ _ _ _ _ _ _ _
  5. 5. Time Rate Rate paid per hour Varies in accordance time higher for risky work _ _ _ _ _ _ _ _
  6. 6. Piece Rate Money paid for per unit of output Encourages the greater productivity in employees _ _ _ _ _ _ _ _ _
  7. 7. Gross Earnings Total amount of money earned Wage earned before direct tax _ _ _ _ _ _ _ _ _ _ _ _ _
  8. 8. Fringe Benefits Other perks given in addition to wages paid in cash or kind Ex. pensions, medical/ housing/transport allowances. _ _ _ _ _ _ _ _ _ _ _ _ _ _
  9. 9. Factor Substitution Replacing one factor of production by other Improves productivity and changes cost structure for firm Makes firms more efficient _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
  10. 10. Derived Demand Indirect demand Demand originated due to the greater demand for the product that facoter produced _ _ _ _ _ _ _ _ _ _ _ _ _
  11. 11. Wage Differential Discrimination in the salary or worker Paying different money due to differing colour , religion , gender _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
  12. 12. Dirty Jobs Working in high risk areas High paid unsocial jobs _ _ _ _ _ _ _ _ _
  13. 13. Skilled Labour Worker with specific trainings and expertise It provides higher wages _ _ _ _ _ _ _ _ _ _ _ _ _
  14. 14. Gender Pay Gap Difference in the pays dues to sex Same work but different salary due to gender _ _ _ _ _ _ _ _ _ _ _ _
  15. 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. 16. Exploitation Act of using others resources without adequate compensation Taking off others benefit of work _ _ _ _ _ _ _ _ _ _ _ _
  17. 17. Unemployment Unavailability of work at acceptable wage rate Situation when worker want to join workforce but fails to get job. _ _ _ _ _ _ _ _ _ _ _ _

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