8.5.3 Read the text, ignoring the missing parts.

The labour market is characterized by common laws of supply and demand, as well as forming the equilibrium price of the labor. These prices are called wages and salaries. Salary is the amount of money, which is paid …(1)… . The higher the salary, which workers require for their labor, …(2)… . This is the law of demand. And, of course, the lower the salary, the lower the number of employees, who are willing to do this task. This is the law of supply.

In the market system wages and salaries are determined by how the market values …(3)… . Individuals, such as solicitors, whose skills society values, …(4)… . The income earned by working for others is called employee compensation. Compensation takes two forms: direct compensation (wages and salaries) and indirect compensation (fringe benefits).

Direct Compensation - Wages and salaries are the compensation people receive on a regular basis (monthly, biweekly or weekly). Workers are paid on the basis of time (by the hour, day or week) or …(5)… (an incentive plan).

Indirect Compensation - Fringe benefits (such as health and accident insurance) are an important part of the overall compensation in most small businesses. Employee benefits now account for …(6)… . The profitability of the small firm is one of the primary factors of benefits offered by the firm.

8.5.4 Look at the missing parts a-g and fit them in the gaps. There is one extra you don't need.

A the person’s experience and skills

B the less of such workers the employer will hire

C about 40 percent of payroll costs

D to the employee for a certain task that he made

E receive high incomes

F on the basis of output

G employee compensation

1	2	3	4	5	6

8.5.5 Match the terms on the left with their definitions on the right.

1	self-employed	A	people who provide services to businesses or other individuals
2	white-collar workers	B	people who work for themselves
3	service workers	C	people who work in offices (teachers, insurance agents, secretaries)
4	blue-collar workers	D	people who work on their own farms or those of others
5	farm workers	E	people who work in factories or outdoors

8.5.6 S can the above texts and find the English equivalents for the following.

Библейский нищий, технологическая форма, в своей основе социальная конструкция, домашний труд, досуг, выход в отставку или на пенсию, юридический статус, защита от случайного увольнения, подчинение , право на льготы и пособия, оплачиваемый отпуск, давление глобализации и технологических новшеств, в аспекте марксисткой теории, эксплуататорский труд, принуждать к порабощению, неквалифицированный труд, сократить производственные расходы, обеспечить повышенную производительность труда, вознаграждать работника, законы спроса и предложения, выполнить определенное задание, дополнительные льготы и выплаты, не регулярной основе, система поощрительной оплаты труда, страхование от несчастного случая, стоимость рабочей силы.