IGCSE ECON chapter 18 workers

Why do people work?

• To earn money

• To find purpose

• To develop skills

• All of the above

Which answer below is define as wage factors?

• Job satisfaction

• Commission

• Working conditions

• Fringe benefits

Which answer below defines non-wage factors?

• Bonuses

• Overtime pay

• Job satisfaction

• Pensions

Which answer below does not define non-wage factors?

• Career development opportunities

• Career prospects

• Working conditions

• Bonuses

What are the benefits of specialization?

• Increased productivity

• Higher training costs

• Limited flexibility

• Decreased efficiecy

What are the drawbacks of specialization?

• Increased job satisfaction

• Boredom from repetitive tasks

• Higher efficiency

• Wider skill set

What is the definition of 'the demand for labor'?

• The number of workers available in the market

• The amount of labour that firms are willing and able to hire at a given wage rate at a given time.

• The total wages paid by firms in the market.

• The level of job satisfaction among employees.

What is the definition of 'the supply of labor'?

• The number of workers firms are willing to hire at a given wage rate.

• The amount of work required by firms at a given time.

• The number of workers willing and bale to work at a given wage rate as a given time.

• The total amount of wages paid to workers.

Have a go at the MCQ below.

What might explain why wages paid in a particular occupation are high?

• A large supply of labour

• A low price for the good produced

• A strong trade union

• Pleasant working conditions

Why do people's wages differ?