economics unit 11 chapter 2

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  • Created by: shomouk
  • Created on: 16-05-14 13:34
why do people work 2.job satisfaction-social aspect-enjoyment
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why people may not work 2. childcare 3. pension
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define specialization
when each worker concentrates in only one small aspect of the entire production process
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+ of specialization
1.more skilled 2.faster output a they are familiar with reduced number of tasks 3.lower cost =saving money=higher wages 4.workers can concentrate at the tasks they are most skilled at
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- of specialization
1.boring 2.if one is absent =problem 3.less flexible = problem if new product is introduced
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internet -less need to be employed in shops but in web based business ....E-mail - speed and ease less letters and phones calls ....Home working - businesses dont need to provide facilities and the parents can look after kids and work
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how people are paid
1.wages 2.salary 3.comission 4.overtime payment 5.shift work payment 6.BACS 7. fringe benefits
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what is gross and net pay
gross pay :pay before any pay: pay after deductions
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1.income tax 2.national insurance 3.pension contributions 4.maybe:trade union subscriptions ,student loans etc
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what factors affect the supply of labour offered 2.Gender-traditionally women dont work BUT its changing 3.Ethnic origin 4.income tax 5.state benefits
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what factors affect the demand for labour
1.Derived demand 2.Governments influence (legislation's) wage
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difference in wages
1.age 2.gender and skills unions 5. minimum wage
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costs of unemployment to an individual
1.not a lot of money 2.loss of skills 4. family breakdown
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why does duration of unemployment vary ?
1.skills and training 2.age 3.qualifications
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government strategies to help the unemployed allowance 2.JBA 3.working tax credits deal 6.apprenticeships
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Card 2


why people may not work

Back 2. childcare 3. pension

Card 3


define specialization


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Card 4


+ of specialization


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Card 5


- of specialization


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