Which job is likely to earn the highest pay.

A cleaner in a city with low supply and high demand.

What is the best definition of Division of Labour?

When production is split into jobs done by different workers

What is a strike (in Economics)

When workers walk off the job to gain access to better pay

What does a trade union aim to do?

Gain access to higher pay for workers

What is the definition of specialisation?

When a worker concentrates on one job, task or qualification

Why is there a need for exchange?

Worker efficiency is staying the same

What is an example of worker specialisation?

Lawyer who works with movie copyright law., Brain Surgeon

What is the Definition of Borrowing?

Receiving money from another person or bank to pay back

What are the 5 factors that impact Spending, Saving and Borrowing?

Income level,interest rate,tax,consumer confidence,inflation

Drawbacks of bartering include...

Difficult to find someone who needs the thing you have

Why might a firm want to employ unskilled workers?

Skilled workers have higher salaries

This is part of the non-wage factors....

quality of the working environment

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G.9 SISB 0455 IGCSE Economics Unit 3 Review

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0455 SISB Economics_Mr. Michael

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Questions 22

Answers

1
Which job is likely to earn the highest pay.
All of the above
Brain Surgeon in a World with No Brains
A cleaner in a city with low supply and high demand.
A truck driver in a city with an oversupply of truck drivers
2
What is the best definition of Division of Labour?
When production is split into jobs done by different workers
The World Cup group that is made up of unionised players.
When one machine completes all the steps of production
When one person does all the steps of production
3
What is a strike (in Economics)
When workers walk off the job to gain access to better pay
When a object hits another object with force.
When you knock down 10 pins in bowling
When a baseball crosses home plate between the knees & chest
4
Equilibrium wage rate
the market price of goods
the market price of labour
the market price of land
the market price of service
5
All the wage and non-wage factors that affect the attractiveness....
net salary
net income
net advantages
net factors
6
What does a trade union aim to do?
Negotiate with outside suppliers of the company
Reduce the workplace standards for health and safety
Gain access to higher pay for workers
Purchase worker replacing machinery
7
What is the reward for labour?
profit
wages
rent
capital
8
What is the role of the Central Bank in a country?
Determines Interest Rates
Determines Tax Rates
Determines Fiscal Policy
Controls Government Spending
9
What is the definition of specialisation?
When a worker concentrates on one job, task or qualification
When a worker gets low pay due to lack of qualifications
When a worker does all of the steps in a production process.
When a gift makes you feel special.
10
Why is there a need for exchange?
Worker efficiency is staying the same
Workers are becoming more efficient
Workers are becoming less efficient
Businesses can buy factors of production
11
What is an example of worker specialisation?
Teacher who teaches RS, History, English, Maths and Science
Lawyer who works with movie copyright law.
Musician that plays trumpet, bass, drums, guitar and piano
Brain Surgeon
12
What is the Definition of Borrowing?
Putting money aside to use in the future
Exchanging money for goods or services usually with interest
Receiving money from a central bank to pay back later
Receiving money from another person or bank to pay back
13
Why do people work?
To earn wages
To feed their family
To be happy
To use their free time
14
What are impacts of trade unions on society
Strikes can lead to reduced productivity and higher costs
All of the above.
Wages may be increased to a level where automation occurs.
Better pay may lead to increased efficiency and lower costs.
15
What are the 5 factors that impact Spending, Saving and Borrowing?
Income level,interest rate,tax,consumer confidence,inflation
inflation rate, consumer confidence, cost of living
scarcity,fashion,interest,Cost of living,shocks
Taxes, Consumer Confidence, Job Security, Interest Rate
16
Which bank is used by citizens and businesses?
Commercial Bank
Blood Bank
Central Bank
Government Bank
17
What is the reason a person's earnings may not rise over the course of their career?
Keep earning bonus pay
Gain access to higher management levels.
Too busy paying mortgage on house
Failure to update skills
18
Drawbacks of bartering include...
Easy to bargain
Bank account information can be stolen
Currency can be counterfeited
Difficult to find someone who needs the thing you have
19
Why might a firm want to employ unskilled workers?
Unskilled workers earn a higher wage on average.
Skilled workers have higher salaries
Skilled workers are more efficient
Skilled workers are more productive
20
This is part of the non-wage factors....
very high salary
sales commission
end of year bonus
quality of the working environment
21
Which of these is not a non-wage factor that can influence choice of occupation?
Bonus pay
Job Satisfaction
Career Prospects
Fringe Benefits
22
This is the total income earned before the application of any tax deductions or adjustments.
net earnings
net income
gross earnings
zero earnings

G.9 SISB 0455 IGCSE Economics Unit 3 Review Flashcards | StudBud