Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
Factors affecting an individual’s choice of occupation – wage and non-wage factors. The influences of demand and supply, relative bargaining power and government policy, including minimum wage. How changes in demand and supply, relative bargaining strengths, discrimination and government policy can all influence differences in earnings between workers whether they are: skilled/unskilled; primary/secondary/tertiary; male/female; private sector/public sector. Definition, drawing and interpretation of diagrams that illustrate the effects of changes in demand and supply in the labour market. Advantages and disadvantages for workers, firms and the economy.
Influences to include demand for the product, the price of different factors of production, their availability and their productivity. The reasons for adopting the different forms of production and their advantages and disadvantages. The difference between, and influences on, production and productivity.
