Z - HRM > Chapter 7 > Flashcards

Chapter 7 Flashcards

(63 cards)

Study These Flashcards
1
Q

________ deal with the payment of labor employed in competitive enterprises.

A

Wage theories

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

_____ represent the payment of one factor of production that is manpower.

A

Wages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

8 Theories of Wages

A
  1. Classical Wage Theory
  2. The Just Wage Theory of St. Thomas Aquinas
  3. Bargaining Theory of John Davidson
  4. The Marginal Productivity Theory
  5. The Wage Fund Theory
  6. The Purchasing Power Theory
  7. Labor Theory of Value
  8. The Standard of Living Theory of Wages
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

This theory is based upon the fundamental concept that labor is a commodity and we have to pay the price according to supply and demand.

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

When the labor supply is greater than the demand, the lower is the price.

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

When there is greater demand, the higher is the price.

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The price of labor which is called wages, is necessary to keep the laborers to subsist and perpetuate their race.

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Wages should not fall below subsistence level.

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

When the supply of labor reaches below the industrial requirement, there will be a competitive bidding among employers and therefore there will be a consequent rise in wages.

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

When the price of the labor is below the natural price, the condition of laborers is most wretched. When this happens the laborers could be deprived of those comforts which customs render as absolute necessities.

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

If there are many workers
but few jobs, the pay is low.

If there are few workers but
many jobs, the pay is high.

Example:
Cashier = low pay because many workers apply their
Pilot= High pay because few workers work that

A

Classical Wage Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A __________ is described as wage which permits the recipient worker to live in a manner in keeping with his position in society.

A

Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

This doctrine is related to social organization based on the individual in the social organization.

A

The Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

In this theory, the workers’ cost of living should be considered first.

A

The Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Wages are responsible for allocating labor to various occupations, production.

A

The Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

This theory is the basis in the implementation of minimum wage laws.

A

The Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Living consistent with the minimum requirements for a decent in the social organization, it responds to the basic requirements subsistence for living.

A

The Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The creation of the Tri-partite Management and the Department of Labor is the answer to the study of the implementation of just wages.

A

The Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Example:

EXPENSES:
Pamasahe ₱ 150
Pagkain ₱ 200
TOTAL: ₱ 350

thats why in this theory we have minimum wage law

A

The Just Wage Theory of St. Thomas Aquinas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The _________ expounded by John Stuart Mill and his followe is based on the Malthusian tlfieno.

A

wage fund theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

All the workers Proportionate the total fund, the rest in the group will have less to share.

A

wage fund theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

An increase in the wages of some through collective bargaining or any other pressures will adversely affect wages.

A

wage fund theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Under this theory it would appear that it is futile to attempt to increase wages.

A

wage fund theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

It would appear that when you increase the wages of other workers it would redound to decrease the wages of the other sectors, because the portion of the corporate wage fund goes to the selected sectors in the organization.

A

wage fund theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
The ______proposes that labor is a commodity like anything that could be bought at a price by the user.
Bargaining Theory of John Davidson
27
As a commodity, it carries with it a price that is determined by the bargaining process between the buyer and seller.
Bargaining Theory of John Davidson
28
The sellers of labor are the workers and the buyers are the users or the industries that utilize their services.
Bargaining Theory of John Davidson
29
Example: The workers are the sellers The employers are the buyers of thier skills
Bargaining Theory of John Davidson
30
The marginal productivity theory offers the best explanation of the wages in modern industry.
The Marginal Productivity Theory
31
The supply of labor in any given economy on the whole depends upon the total number of individuals who want to work and are available for work.
The Marginal Productivity Theory
32
Worker's mobility, which is the transfer from one company to another due to opportunities in the other company, affects the structure of wages in the industry.
The Marginal Productivity Theory
33
It is not only the difference in wages that makes the employee transfer to another company.
The Marginal Productivity Theory
34
Salary is based on worker’s productivity or value added
The Marginal Productivity Theory
35
Example: Worker A generated 10 cake in 1 day Worker B generated 20 cake in 1 day. therefore worker will receive higher pay.
The Marginal Productivity Theory
36
The _______ tries to establish the relationship between wages and the level of economic activity.
purchasing power theory
37
The level of economic growth is dependent upon the savings generated because the increase in wages creates a surplus that propels growth.
purchasing power theory
38
The more income the worker gets, the bigger the purchasing power of the workers.
purchasing power theory
39
Increased consumption of goods generates employment opportunities.
purchasing power theory
40
Example: The wages got higher The people have more money and goes to shopping The businesses earns money and gives more jobs to other people
purchasing power theory
41
Karl Marx propounds this _______. This gives credence to the value of labor.
Labor Theory of Value
42
It emphasizes that labor is the source of all product and that without this important component, there could be no goods for human consumption.
Labor Theory of Value
43
Every good that is produced could be traced back to the participation of the worker and, therefore, labor must get the greater share of the profit.
Labor Theory of Value
44
This is the philosophy of some organized labor groups who are more active in the greater share of the profits of the company operations.
Labor Theory of Value
45
Profits should be shared with labor as they create the goods that generate these surplus incomes.
Labor Theory of Value
46
When employer's contentions run counter to this group of labor unions, this can create labor unrest detrimental to management and even to economic growth.
Labor Theory of Value
47
Example: Because of the chefs, the restaurants earns profit. without them the restaurant would be nothing. Thats why the owner should give a decent wage for them
Labor Theory of Value
48
A recent development in labor market is the theory that wages should be based on the cost of living.
The Standard of Living Theory of Wages
49
Wages are dependent upon the economic needs of the family for the basic necessities of life for food, clothing and shelter.
The Standard of Living Theory of Wages
50
Any increase in economic growth would redound to increased wages.
The Standard of Living Theory of Wages
51
Although there are no set rules for making these decisions, one tool that is often used to simplify the process is the use of _________________
two-dimensional graphs (data trend graph).
52
manual workers/laborers.
Blue Collar
53
office workers/professionals.
White Collar
54
jobs often associated with women before (like nursing, secretarial). This term is sexist and not used anymore.
Pink Collar
55
Labor Grades (Modern Classification) (3)
1. Skilled Labor 2. Unskilled Labor 3. Professionals
56
Workers with special training or certification.
Skilled Labor
57
Examples: carpenters, plumbers, electricians, accountants, engineers, managers, police, mechanics.
Skilled Labor
58
Can be blue or white collar.
Skilled Labor
59
Workers with little or no specialized training.
Unskilled Labor
60
Examples: construction workers, janitors, painters, factory line workers, sanitation workers.
Unskilled Labor
61
Mostly blue collar.
Unskilled Labor
62
arguably the elite of the labor grades, these are those workers who need an advanced degree to do their jobs.
professionals
63
The Three primary groups of professionals are doctors, lawyers and teachers. There are white collar workers
professionals
64
Z - HRM
flashcards
Decks in class (16)
# Cards
Brainscape helps you reach your goals faster, through stronger study habits.
© 2026 Bold Learning Solutions. Terms and Conditions