Reason for wage differences

What does Compensating wage differentials mean?
You get paid more depending on the anti-social hours or the risk.
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What does Employee discrimination mean?
Employment discrimination is a form of discrimination based on race, gender, religion, national origin, physical or mental disability, age, sexual orientation.
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What does a reward for human capital mean?
If you have spend a lot of time and money in education, you should arguably be rewarded for this.
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What does different skill levels mean?
Different skill levels - the gap between poorly skilled and highly skilled workers gets wider each year. One reason is that the market demand for skilled labour grows more quickly than the demand for semi-skilled workers. This pushes up pay levels.
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What does differences in labour productivity and revenue creation mean?
workers whose efficiency is highest and ability to generate revenue for a firm should be rewarded with higher pay. City economists and analysts are often highly paid not least because they can claim annual bonuses based on performance.
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What does trade unions and their collective bargaining power mean?
Unions might exercise their power to offset the power of an employer in a occupation and in doing so achieve a mark-up on wages compared to those on offer to non-union members.
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Other cards in this set

Card 2

Front

What does Employee discrimination mean?

Back

Employment discrimination is a form of discrimination based on race, gender, religion, national origin, physical or mental disability, age, sexual orientation.

Card 3

Front

What does a reward for human capital mean?

Back

Preview of the front of card 3

Card 4

Front

What does different skill levels mean?

Back

Preview of the front of card 4

Card 5

Front

What does differences in labour productivity and revenue creation mean?

Back

Preview of the front of card 5
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