Unit 3.3 Workers

Front

Wage

Back

a payment for labour based on units of time worked or units of a product produced

Front

Wage rate

Back

the amount of money paid to a worker per unit of time in exchange for their labour

Front

Salary

Back

an annual sum of money paid to a worker in exchange for their labour - usually paid in 12 equal monthly amounts

Front

Basic pay

Back

the amount of money received before any additional payments are added or any deductions such as income tax, are made.

Front

Earnings

Back

the total amount received including additional payments

Front

non-wage factor

Back

something other than pay that influences choice of occupation

Front

Derived demand

Back

when a product or factor of production is not demanded for itself, but is dependent on the demand for the product it helps to produce

Front

Minimum wage

Back

the lowest wage level that an employer may legally pay to a worker

Front

Living wage

Back

a wage set at a level to enable workers to reach a minimum acceptable living standard

Front

Division of labour

Back

the process by which workers specialise in, or concentrate on, one particular task