IGCSE Economics Paper-2: Specimen Questions with Answers 40 - 41 of 100

Passage

“Economic and social conditions are giving profession choosing criteria and should be in accordance with labor market providing and the youngers expectations and needs. Job stability, salary, company reputation, prospects for promotion or opportunity to practice as many jobs are currently most common criteria”

Question 40 (4 of 5 Based on Passage)

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Short Answer▾

Why wages differ?

Explanation

  • The wage paid to different individuals differs based on their experience, skills, and ability to work. It may also be the result if job is unionized, as the labor unions works to increase compensation and things provided based on free market conditions.
  • Also, this condition differs across several occupations because of change in demand and supply for jobs. The reason for these differences is because of differences in the amount of education and training for a desirable job.

Question 41 (5 of 5 Based on Passage)

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Short Answer▾

Explain, what is the concept of economic man and choice of occupation in human՚s life.

Explanation

  • Occupation plays a major role in every man՚s life. It is dependent on the activities and his thoughts. The proper evaluation of role of occupation will begin when he understands his needs.
  • The concept of ‘economic man’ has become outdated, rather boring to explain the need of man to work.
  • Though it may seem easy and simple as it is dependent only on his choice but in real life it is because of the need and desire to earn a livelihood and feed their family.
  • Therefore, taking this statement as true, the need of man to stop working is not dependent only on his wish.
  • Our society, in which we are living, doesn՚t have any single situation of satisfaction level but it depends on the basic needs and level of occupation.
  • Morse and Weise (1968) study indicate that working is not a means to earn a livelihood. Even if there is no economic necessity for men to work, still they would prefer to work to get acceptable in a society and to maintain a sense of well-being.

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