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Definition of Wages:

 

Wages are remuneration paid to labor in return for the services rendered.

 

Benham has defined the term wages in a restricted sense. According to him, a wage may be defined as a sum of money paid under contract by an employer to a worker in exchange for service rendered.

 

If we accept this definition as true, then we will have to exclude from the study of Economics, the services of some independent workers such as doctors, traders, etc., as they do not work under contract. But as we know, their share in the national dividend is quite significant, so we cannot neglect their services. Thus, realizing this flaw in Benham's definitions of wages, we define wages as remuneration paid to labor in return for services rendered either under contract of independently.

 

Definition of Labor:

 

The term 'labor', in Economics is used in a wider sense. It includes the work of skilled or unskilled, professional or amateur, salaried or non-salaried persons, etc., who put for the efforts mentally or bodily in return for some reward. The reward may be paid in cash or in kind or in both. The unit of time for the payment of remuneration may be day, a week, a month, or a year.

Relevant Articles:

Definition of Wages
Various System of Wages Payments
Payments of Wages on the Basis of Form/Kinds of Wages
Why Wages of Women Lower Than Men
How are Wages Determined/Theories of Wages Determination
Nominal and Real Cost of Labor
Minimum Wage
Monopsony
 

Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Rent
Wages
Interest
Profits
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance

History of Money
 

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