Modern theory of wage determination explained
Modern theory of wage determination explained. Modern economist opines that the price or remuneration of labour i.e. wage is determined by interaction of forces of demand and supply.
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Real Wage: 10 factors that determines real wage
Real Wage: 10 factors that determines real wage .Real wage refers to the purchasing power or buying capacity of money wage. It is the amount of necessaries, comforts, and luxuries which the worker can command in return for his remuneration.