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8 Cards in this Set
- Front
- Back
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Occupation & Wages
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Chapter 10
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What is the labour market?
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- Demand for Labour
- Backward bending labour curse - Supply of Labour. Affected by the wage rate |
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What can cause the demand of labour to shift?
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- Consumer Demand for goods and Services.
- Increase in Prodcutivity. - Changes in other employment. - Changes in the price of productivity and capital. |
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What can cause the supply of labour to shift?
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- Labour Market
- Education and Training - Changes in the net advantages of an occupation. - Wage Rate - Demorgraphic Changes - Salary |
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Demand for labour - The total demand of labour in an economy in its labour force.
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Supply of Labour - The total supply of labour in an economy in its labour force.
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Why do people earn different amounts?
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- Different abilities and qualifications.
- 'Dirty' jobs and unsociable hours. - Satisfaction. - Lack of information about jobs and wages. - Immobility - Fringe benefits. |
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Why do people in the same jobs earn different amounts?
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- Regional differences in labour market conditions.
- Length of service. - Local pay agreements. - Non-wage rewards - Discrimination. |
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How does the government intervene in the labour market?
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- To protect the rights of employee/rs.
- To outlaw and regulate the restrictive practices of powerful trade unions and employers. - To raise the wages of very low paid workers. - To reduce unemployment. - To stop discrimination. |
