Brief note Nominal and Real wages
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.
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.