The quiz for practicing key economic terms of IGCSE for chapter 3.2 jOccupation and Wages.

1. Quiz
Occupations and Earnings

2. Wages
Amount of money earned in exchange for
mental/ physical work done
Paid daily/weekly/monthly
Part of cost of production for business
Also called salary
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3. Wage Rate
Remuneration paid per unit time
Money paid according to the work, time,
piece
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4. Labour Market
Place where we buy or sell workers work
It determines the wage rate
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5. Time Rate
Rate paid per hour
Varies in accordance time
higher for risky work
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6. Piece Rate
Money paid for per unit of output
Encourages the greater productivity in
employees
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7. Gross Earnings
Total amount of money earned
Wage earned before direct tax
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8. Fringe Benefits
Other perks given in addition to wages
paid in cash or kind
Ex. pensions, medical/
housing/transport allowances.
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9. Factor Substitution
Replacing one factor of production by
other
Improves productivity and changes cost
structure for firm
Makes firms more efficient
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10. Derived Demand
Indirect demand
Demand originated due to the greater
demand for the product that facoter
produced
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11. Wage Differential
Discrimination in the salary or worker
Paying different money due to differing
colour , religion , gender
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12. Dirty Jobs
Working in high risk areas
High paid unsocial jobs
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13. Skilled Labour
Worker with specific trainings and
expertise
It provides higher wages
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14. Gender Pay Gap
Difference in the pays dues to sex
Same work but different salary due to
gender
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15. Market Intervention
Government interference in particular
market
Introduction of certain controls in the
functioning of free market.
Its objective to protect market from
failure.
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16. Exploitation
Act of using others resources without
adequate compensation
Taking off others benefit of work
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17. Unemployment
Unavailability of work at acceptable wage
rate
Situation when worker want to join
workforce but fails to get job.
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