Flashcards
Economics Unit 11 Work
Cards in this deck (33)
- 1Full-time workA worker who works the maximum number of hours required in the normal working week for a particular job
- 2Part-time workThis refers to a worker who only works a fraction of the working week of a full-time employee
- 3Temporary employmentWork that will only last for a specific period of time (usually a number of weeks or months e.g. maternity cover)
- 4Seasonal employmentWork that is only required during a particular period of a year (e.g. dressing up as santa)
- 5SpecialisationWhere each worker concentrates on only one small aspect of the entire production process
- 6Flexible workingWorkers who are more adaptable in time, location or manner of work completed (e.g. home working)
- 7SalaryPay stated as a yearly total, no overtime is paid
- 8WagePay calculated on an hourly rate, multiplied by the hours worked, overtime is payable after hours of work have been met
- 9CommissionPayment made to workers for achieving a certain target (e.g. sales levels)
- 10Overtime paymentHigher rate of pay for work in excess of normal working hours
- 11Shift workWork patterns that do not follow standard working hours
- 12Bankers' Automated Clearing Service (BACS)Automatic transfer between bank accounts (e.g. employer's to employee's)
- 13Fringe benefitsWhen workers are paid in ways other than money (e.g. a company car, private health care)
- 14Gross payThe total amount of pay that a job will pay without deductions
- 15Net payThe pay after all deductions have been made (e.g. tax, national insurance, pension contributions)
- 16Income taxA tax calculated as a percentage of a worker's income
- 17Tax codeWorker's have different tax codes which relate to the different amount of tax-free allowance each worker has
- 18National Insurance Contribution (NIC)A tax paid by workers which entitles the payee to qualify for benefits when and if necessary
- 19Pension contributionA deduction from a worker's pay that is meant to contribute to a future retirement pension
- 20P45A document provided by an employer when a worker leaves the organisation
- 21P60A document provided by an employer on a yearly basis showing total pay and deductions for the year
- 22Derived demandBusinesses don't demand workers for their own sake but because businesses need workers to produce goods and services for the firm to sell. This is known as derived demand. The demand for labour is a derived demand
- 23Minimum wageLowest legal hourly rate that can be paid
- 24Surplus of labourLarger supply of labour than demand for labour
- 25Shortage of labourLarger demand for labour than supply for labour
- 26Costs of unemployment to the individualLoss of skills, health risks (mental), higher family break down risk, receives no income, pays no tax, receives benefits
- 27MotivationDoing something because you want to do it e.g. voluntary work
- 28Economically inactivePeople who are not working
- 29ExpensesPayment given to workers to compensate for any expenditure necessary to complete work e.g. travel expenses for a conference
- 30UnemploymentThose who are not currently working but who are available for work
- 31Tax allowancesAllow a worker to earn up to a certain level before they start paying income tax
- 32Jobseekers allowanceBenefits paid to the unemployed, based on evidence that the worker is seeking work
- 33New dealTraining for young employed workers (under age 25)
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- Flashcards on Economics Unit 11 Work, created by btom12 on 12/02/2015.
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- btom12
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