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  • Economic 8.1

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    Pramita
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    An individual's choice of occupation can be affected by their interests, skills, education and economic conditions. A person's wage rate may change over time due to factors like a change in their skills, experience or the demand for their labor. Wages can differ between people doing the same job when some have more skills, seniority, work experience or negotiate better contracts. Division of labor provides advantages to workers like increased wages from specialization, advantages to firms include lower costs and greater output, and advantages to the economy are increased total output and economic growth while disadvantages include workers who perform repetitive tasks may experience boredom.

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    An individual's choice of occupation can be affected by their interests, skills, education and economic conditions. A person's wage rate may change over time due to factors like a change in their skills, experience or the demand for their labor. Wages can differ between people doing the same job when some have more skills, seniority, work experience or negotiate better contracts. Division of labor provides advantages to workers like increased wages from specialization, advantages to firms include lower costs and greater output, and advantages to the economy are increased total output and economic growth while disadvantages include workers who perform repetitive tasks may experience boredom.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    Economic 8.1

    Uploaded by

    Pramita
    An individual's choice of occupation can be affected by their interests, skills, education and economic conditions. A person's wage rate may change over time due to factors like a change in their skills, experience or the demand for their labor. Wages can differ between people doing the same job when some have more skills, seniority, work experience or negotiate better contracts. Division of labor provides advantages to workers like increased wages from specialization, advantages to firms include lower costs and greater output, and advantages to the economy are increased total output and economic growth while disadvantages include workers who perform repetitive tasks may experience boredom.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    1. What affects an individual’s choice of occupation?

    2. Why would a person’s wage rate change overtime?

    3. Why do wages differ between people doing the same job?

    4. Division of Labour/Specialisation : Advantages to workers? Disadvantages to workers:?


    Advantages to firms? Disadvantages o firms? Advantages to the economy? Disadvantages to
    the economy:

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