Economics:Competency 5

  1. What are the two main reasons pay differs?
    • characteristics of the worker
    • characteristics of the job
  2. ___________ is the value of the output produced by the worker
  3. how do you become more productive? (4 ways)
    training, experience, education, ability
  4. What are five job related reasons certain jobs pay more?
    • differences in risk
    • geographic differences
    • job discrimination (illegal)
    • union membership
    • benefits of the job
  5. What are three real life examples of labor markets?
    job ads, hiring signs, job fairs
  6. What is the Law of Demand in this market?
    Employers ar emore willing to demand a resource (workers) , as its price (wage) decreases
  7. What is the Law of Supply in this market?
    Workers are more willing and able to supply their resource (work) as its price (wage) increases
  8. The FED and New Hampshire's minimum wage is _______.
    $7.25 per hour
  9. What is Living Wage?
    high enough for a person who works full time to afford basic needs
Card Set
Economics:Competency 5