What do “wages” and “wage rates” mean in economics? How do they differ from labor earnings?
What will be an ideal response?
Wages and wage rates are the price paid for labor. They are also a price paid per unit of time--daily, weekly, or monthly. It is a broader concept that is more than just fixed payment, and can cover monthly salary, bonuses, royalties, or commissions. Labor earnings are simply the hourly wage or wage rate multiplied by the number of hours worked per period of time (weekly, monthly, yearly).
Economics
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Refer to Scenario 14.2. What is the average product of the 4th worker?
A) 4 B) 5 C) 6 D) 6.5 E) 7
Economics
Ceteris paribus, if a 4% increase in price leads to a 6% increase in the quantity supplied, then: a. supply is elastic
b. supply is unit elastic. c. supply is inelastic. d. the supply curve is perfectly vertical.
Economics