Y10 Economics - C18 Workers

Below are the wage factors in choosing an occupation, EXCEPT...

• wages

• piece rate

• commission

• personal satisfaction

What is the difference between wage and salary?

• Wage is for lower pay, salary is for higher pay

• Wage is non-financial reward,

  salary is financial reward

• Wage is for factory worker,

  salary is for office worker

• Wage is paid by weekly

  salary is paid by monthly

What is a commission?

• An additional benefits which have monetary value

• A percentage of the the value of products and services sold.

• A fixed amount paid for item produced

• A fixed amount paid for number of hours worked

What is the example of fringe benefits?

• Piece rate

• Share-option

• Bonus

• Company car

What is a share option?

• Workers receive an option from the company

• Workers receive company share as an incentive

• Workers buy the share of the company he work in

• Workers receive fringe benefit as an incentive

Below are the non-wage factors in choosing an occupation, EXCEPT...

• Share option

• Level of challenge

• Career opportunity

• Personal satisfaction

Wages are determined by interaction of...

• Demand and supply of labour

• Demand and supply of wage

• Demand and supply of firms

• Demand and supply of services

The demand for labour is the number of workers that firms are willing and able to hire at a given rate.

• True

• False

The supply of labour refers to everyone who is of working age and willing to work at different wage rates.

• True

• False

When the wage rate decrease, demand for worker will...

• increase

• decrease

• remain the same