Payment of wages differs from industry to industry and also it differs from country to country. The payment of wages is payment by time, payment by result, and also payment by piece rate, etc. Wages are fixed as a result of individual bargaining, collective bargaining or by public or State regulation. How wages are determined has been the subject of [...]
Why do women get lower wages than men? In most countries women get lower wages than men. In spite of some laws make for paying same wage for the same work by the man and woman.
Marginal productivity theory of wages explained with assumptions and criticism. Marginal productivity theory of wage explains that under perfect competition a worker's wage is equal to marginal as well as average revenue productivity.
Remuneration either in cash or kind or in both to a labourer engaged in production for the physical or mental work partially or fully is known as wage in Economics.
Labour is an essential factor of production. It is a sensitive and active factor. It activates other factors of production. The remuneration paid to labourers for their services is termed as wages. Wages are contractual payments due to the contract made between the employer and the labourer. Thus, wages are predetermined.
Wages may be paid either in terms of money or in terms of goods. The amount of money paid as wages is called the nominal wage or money wage. Nominal wage is thus the monetary expression of the reward for labour.