Labor Market
•What is labor market?
•A labor market refers to the economic environment in which workers and employers interact to facilitate the buying and selling of labor services. It includes all individuals who are willing and able to work, as well as organizations or businesses that require labor services to produce goods or provide services.
What kind of services does a bank provide?
A bank is a financial institution that provides various services to its customers, such as depositing and withdrawing money, providing loans and mortgages, facilitating international transactions, issuing credit cards and managing investments.
What a salary is?
Salary is a fixed amount of money that employer gets over a certain period of time.
What is money?
Money can be defined as a medium of exchange that is widely accepted in transactions for goods and services.
When does unemployment occur?
Unemployment occurs when the supply of labor exceeds the demand in the labor market (we have more people looking for jobs than actual job offers
•What is manpower?
•Manpower refers to both skilled and unskilled workers who are capable of performing various tasks within an organization.
What do we use banks for?
We use banks for many reasons. One of the primary uses of a bank is to keep our money safe by depositing it into an account. Banks also offer various types of loans such as personal loans or business loans which help us in fulfilling our financial requirements. Banks also provide debit and credit cards for making purchases without having cash on hand.
What is nominal salary?
The amount of received money throughout some period of time
Explain acceptability as a characteristic of money.
Money must be widely accepted as a medium of exchange.
How to count unemployment percentage?
Unemployed number of people divide with man power then multiply with 100.
How to calculate employment rate?
•To calculate employment rate in percentage, you need to divide the number of employed individuals by the total labor force (employed plus unemployed) and then multiply the result by 100.Employment Rate = (Number of Employed Individuals / Total Labor Force) x 100.
What is the role of a central bank?
The money supply, setting interest rates, regulating banks and other financial institutions, providing loans to commercial banks during times of crisis, and serving as the lender of last resort to prevent systemic failures in the banking system.
Nominal salary divided with inflation rate.
Explain divisibility as main characteristic of money.
It should be easily divided into smaller units without losing its value.
Season (part of the year)
Technological innovations
Give 2 examples of service industry jobs.
Waiter, hairdresser
What are the savings.
Accumulation. Savings are created today for future use is a reserve asset.
What is inflation?
Inflation is a phenomenon in which the average price level of goods and services increases and the purchasing power of money decreases. The higher the inflation rate, the more your money loses value.
Explain moneys function as medium of exchange.
Money serves as a medium of exchange, facilitating transactions by acting as a common and widely accepted means for buying and selling goods and services.
Write down at least two ways of reducing unemployment.
Investing in education and skill trainings
Encouraging entrepreneurship
Give 2 examples of Creative industry jobs.
Graphic Designer, Film Director
What is net salary?
Net salary is amount of money that employee receives after all deductions have been taken out. This is the actual amount that the employee will receive in his bank account or paycheck.
Explain Fiat currency, as type of money.
This is a type of money that derives its value from government regulation or law, and not from any inherent value in the currency itself.