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    IGCSE ECONOMICS: Factor Payments

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    factor payments worksheet for 10th grade IGCSE.

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    IGCSE ECONOMICS: Factor Payments

    Uploaded by

    kbafna28
    797 views2 pages
    factor payments worksheet for 10th grade IGCSE.

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    IGCSE ECONOMICS: factor payments

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    factor payments worksheet for 10th grade IGCSE.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    797 views2 pages

    IGCSE ECONOMICS: Factor Payments

    Uploaded by

    kbafna28
    factor payments worksheet for 10th grade IGCSE.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Worksheet 6

    3.2 Occupations and earnings

    1. Match the following economic terms and concepts with their definitions.

    A Net advantages

    B Piece rate

    COccupational
    immobility of labour

    DCompensating
    differential

    E Basic wage

    F Labour market

    A guaranteed level of earnings for an employee, excluding any overtime or


    performance-related pay

    The balance of all the advantages and disadvantages of a particular job or


    occupation people will consider in deciding whether or not to supply their labour

    Any set of arrangements that brings together all those people willing and able to
    supply their labour with organizations that want to hire labour

    The inability of workers to move easily from one occupation to another because
    they lack the skills required for the other job

    A fixed payment to labour for each unit of output produced

    A wage premium designed to make up for non-wage features of a job that


    will otherwise be unattractive to potential employees

    2. Which of the following are wage factors and non-wage factors that will affect the attractiveness of
    different occupations to people seeking paid employment?

    Hours of work

    Overtime pay

    Leave allowance

    Cost of travel to and


    from the workplace

    Free medical insurance

    Annual performance

    Use of company car

    Profit sharing

    Training provision


    3. Suggest two reasons why a worker might be prepared to work for low wages.
    i)
    ii)

    4. Explain why the demand for labour is described as derived demand.


    
    5. Which of the following changes are likely to (i) reduce the demand for labour by car manufacturers
    (ii)increase the supply of car manufacturing workers?

    A new law increases the


    minimum leave entitlement
    from 4 to 6 weeks
    Labour productivity falls

    Pay and conditions in other


    manufacturing industries deteriorate

    The cost of new computer


    controlled industrial robots falls

    Consumer demand for cars and


    trucks falls

    Income tax rates are cut

    Brian Titley 2012: this may be reproduced for class use solely for the purchasers institute

    6. Show the impact of a fall in the demand for car manufacturing workers in the diagram below.

    Wage rate ($)


    Dn

    Sn

    Equilibrium
    wage

    wo

    Sn

    Dn
    n
    Quantity of labour
    per period
    Equilibrium level of employment

    7. A trade union has restricted the supply of labour to the passenger rail industry by insisting all employees
    join the union but must first undergo 12 months unpaid training at college. Show the impact of this
    change in the diagram below.

    Wage rate ($)

    Sn

    Dn

    Equilibrium wage

    wo

    Dn

    Sn

    Quantity of labour
    per period
    Equilibrium level of employment

    8. In some countries, a surgeon can earn $250,000 or more each year. A nurse may earn just $40,000 in
    comparison. Suggest three reasons for this differential in earnings.
    i)

    ii)
    iii)

    Brian Titley 2012: this may be reproduced for class use solely for the purchasers institute

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