Wages:

Definition of Wages:

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

Various System of Wages Payments:

The remuneration of labor is paid in various manners and under various names. It can be classified as follows: Continue reading.

Payments of Wages on the Basis of Form/Kinds of Wages:

On the basis of form, wages are of two kinds, nominal wage and real wage. Continue reading.

Why Wages of Women Lower Than Men:

The wages of women are generally lower than men because of the following reasons: Continue reading.

How are Wages Determined/Theories of Wages Determination:

There are 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 determination are: Continue reading.

Nominal and Real Cost of Labor:

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. Continue reading.

Minimum Wage:

"The smallest amount of money that employers are legally allowed to pay someone who works for them". Continue reading.

Monopsony:

"When there is a single firm hiring the labor in the market, it is called monopsony in economics". Continue reading.