Write answers for the following!
1. What are various sectors in Market activities? Give examples.
2. What are the two factors required for earning money through labour?
Answers
Answer:
1. Primary sector – extraction of raw materials – mining, fishing and agriculture. Secondary / manufacturing sector – concerned with producing finished goods, e.g. Construction sector, manufacturing and utilities, e.g. electricity.
2 .Two factors that influence a workers supply of labour
•Substitution effect of a rise in wages. ...
•Income effect of a rise in wages. ...
1. What are various sectors in Market activities? Give examples
--:Main Sectors :-
(i) Primary Sector: It includes agriculture, forestry, animal husbandry, fishing, poultry farming and mining.
(ii) Secondary Sector: Quarrying and manufacturing of goods.
(iii) Tertiary Sector: Trade, transport, banks, health, education and all types of services.
2. What are the two factors required for earning money through labour?
--:1. Years of experience
Typically, more experience results in higher pay – up to a point. Similarly, if the position calls for someone with 10 years of experience in a particular occupation, and you don't meet those requirements, you may find yourself on the lower end of the pay scale.
.
2. Education
The match between your education and what's normally required for your job usually affects your pay. Plus, the quality of education can affect salary. Earning a degree from a top program typically has a positive influence on pay, while earning a degree from a school that's considered weak in a particular field may decrease your earning potential.
3. Performance reviews
Since most employers base their pay decisions at least partly on individual performance, this is an important variable when being considered for a pay increase or promotion. Even when applying for a new job, this information may be important to your prospective employer, as it gives a more complete picture of your abilities.