are remuneration paid to labor in return for the services
rendered. Continue reading.
remuneration of labor is paid in various manners and
under various names. It can be classified as follows:
On the basis of form,
wages are of two kinds, nominal wage and real wage.
The wages of women
are generally lower than men because of the following reasons:
various theories of wages which lave been put forward by
different economists from time to time but none of them is free
from criticism. The most important theories of wages
The payment which a labor receives for his services constitutes
his income. But from the point of view of the entrepreneur, that
remuneration forms a part of the cost of production.
"The smallest amount of money that employers are legally allowed
to pay someone who works for them".
"When there is a single firm hiring the labor in the market, it
is called monopsony in economics".