2. What are the functions of pay?

Motivating employees

Filling the job means attract employees and hold them in company

3. Can you tell me the main types of reward system?

Payment by time

Payment by output

4. What are different ways people are paid? What are their advantages and disadvantages?

There are two main ways people are paid: by performance and hours

Payments by time, it is simple because it is easy to calculate but there's a cost in terms of supervising

people because if you pay by time it's quite likely for employees to be doing their job.

About payment by output of courses it is good because people will put in more effort into earn more
money but you need to find down a measure of output make sure that employees doesn't take
advantage and to bring the best interests of the company

Why do some companies use PRP?

Companies use PRP because they want to attract and retain outstanding employees, particularly
executive talent and also they want employees to put more effort to work harder.

How can a company take advantage of PRP?

To use PRP efficiently a company needs to carefully consider several factors when determining each
employees' compensation. For example, the company needs to consider the compensation levels for
similar position in its competitors in order to keep the employees with the company

Also, they need to include both short-term and long-term incentives, particularly incentives for
executives.

9. What strategies would you use to negotiate a pay rise with your boss?

I think there are some efficient strategies. Before the negotiation, I will compare my salaries with those
of people who do the same job, or I will think carefully about my achievement, experience, contribution
to make sure that I deserve a pay rise and also may compare my pay with those of my co-workers.
During the negotiation, I will use win-win strategies. For example, I will say that I love my job but the
current salary is not enough to pay for my life. But in some cases, I will resort to win-lose strategies. For
example, I will say that I am considering leaving the company, and have found several companies with
higher salaries in the same position. Because the company's current salary is not suitable for me. Also, I
will use vague language to be more polite and less specific.

10. If you were a boss deciding on an employee's pay rise, what factors would you consider?
If I were a boss, I would consider the person's achievement, experience, and contribution to the
company to make sure that they deserve a pay rise. Also, I may have to compare the salary to those
people who do the same job or those with the co-workers to see if they are being interested unfairly.

7. How do you think the market should be regulated?

In my opinion, the market should be regulated in a way that makes it more competitive and to do that, I
think we should try to reduce the entry-barriers and make it easier for firms to compete. For example,
the government should reduce the red tape or they should provide finance for the new company so that
they can have enough money for the upfront investment and heavy punishment for company which
anti-competitive practices

Regulated: điều hành

Entry-barriers : rào cản

5. Is perfect competition possible? (homogeneous product:sản phẩm hoàn toàn giống nhau, numerous
sellers: nhiều người bán , numerous buyer: nhiều người mua , cut-throat competition: cạnh tranh khốc
liệt, full-knowledge of the market đầy đủ kiến thức về thị trường, no transaction costs: không có chi phí
vận chuyển)

I think perfect competition is impossible because the true characteristic is full knowledge of the market
and no transaction costs are unfeasible. There will be never a time when the knowledge of the market
are transparent 100 percent

9. How can a company maintain its competitiveness?

There are a number of strategies that company can use to maintain it competitiveness

For example, they can propose a merger with a company so that the true company can intros mutual
advantages and also they can become a global

Natural monopoly is a market structure in which it will make more sense to have only one or maybe 2
firms instead of many firms because the resources will be used more effectively and appropriately

For example, railway

Perfect competition is a market structure for in which there are many firms producing the same product
which means that because there so many of them in the industry as a whole, so none of them has any
market power

For example, agricultural product as well as fish, potato, meat and so on, seller phone

Monopoly is a market structure in which is dominated by one firm or maybe two or three-four firms

For example, tap water, railways

Monopolistic competition is a market structure in which there are many firms however the product that

they are produce the service that are providing are differentiated it not like the perfect competition in
which the products are identical
For example, movies, novels, restaurants and so on