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A wage is a compensation workers receive in exchange for their labor. The coincidence of wants problem (often " double coincidence of wants" is an important category of Transaction costs that impose severe limitations on economies

Contents

Defining what is considered a wage

Labor and finance fields

In labor and finance settings, a wage may be defined to include cash paid for some specified quantity (measured in units of time) of labor. Quantity is a kind of property which exists as magnitude or multitude For other uses see Time (disambiguation Time is a component of a measuring system used to sequence events to compare the durations of Wages may be contrasted with salaries, with wages being paid at a wage rate (based on units of time worked) while salaries are paid periodically without reference to a specified number of hours worked. A salary is a form of periodic payment from an Employer to an Employee, which may be specified in an Employment contract. Once a job description has been established, wages are often a focus when negotiating an employment contract between employer and employee. A contract of employment is a category of Contract used in Labour law to attribute right and responsibilities between parties to a bargain Employment is a Contract between two parties, one being the employer and the other being the employee. Employment is a Contract between two parties, one being the employer and the other being the employee.

In economics

Economists define wages more broadly than just cash compensation and include any return to labor, such as goods workers might create for themselves, returns in kind (such as sharecroppers receive), or even the enjoyment that some derive from work. Economics is the social science that studies the production distribution, and consumption of goods and services. Sharecropping is a system of agriculture or agricultural production in which a landowner allows a tenant to use the land in return for a share of the crop produced on the land (e For economists, even in a world without others, an individual would still acquire wages from labor: food hunted or gathered would be considered wages and any returns resulting from an investment in tools (such as an axe or a hoe) would be deemed Profits (a return to real capital). Returns, in economics and political economy are the distributions or payments awarded to the various suppliers of the Factors of production. The need to sell one's labor for wages in order to survive and prosper was described as wage slavery by the Lowell Mill Girls, Karl Marx and various thinkers in the socialist and anarchist traditions. Wage slavery is a term first coined by the Lowell Mill Girls in 1836 though articulated as a concept at least as early as Cicero and elaborated by subsequent thinkers "Lowell Mill Girls" was the name used for female textile workers in Lowell Massachusetts in the 19th century [1]

Determinants of wage rates

Depending on the structure and traditions of different economies around the world, wage rates are either the product of market forces (Supply and Demand), as is common in the United States, or wage rates may be influenced by other factors such as tradition, social structure and seniority, as in Japan. Supply and demand is an Economic model describing effects on price and quantity in a Market. The United States of America —commonly referred to as the For a topic outline on this subject see List of basic Japan topics.

Several countries have enacted a statutory minimum wage rate that fixes the price of certain kinds of labor. Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society A minimum wage is the lowest hourly daily or monthly Wage that employers may legally pay to employees or workers Price in Economics and Business is the result of an exchange and from that trade we assign a numerical Monetary value to a good,

Etymology

Wage derives from words which suggest "making a promise," often in monetary form. Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts. Specifically from the Old French word wagier or gagier meaning to pledge or promise, from which the money placed in a bet (wager) also derives. These in turn may derive from the French gage to wager, the Gothic wadi, or the Late Latin wadium, also meaning "a pledge".

Wages in the United States

In the United States, wages for most workers are set by market forces, or else by collective bargaining, where a labor union negotiates on the workers' behalf. The United States of America —commonly referred to as the Supply and demand is an Economic model describing effects on price and quantity in a Market. Collective bargaining is the process whereby workers organize together to meet converse and compromise upon the work environment with their employers A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming Although states and cities can and sometimes set a minimum wage, the Fair Labor Standards Act requires a minimum wage at the federal level. A minimum wage is the lowest hourly daily or monthly Wage that employers may legally pay to employees or workers The Fair Labor Standards Act of 1938 ( FLSA, ch 676, June 25, 1938,) also called the Wages and Hours Bill, is United States federal For certain federal or state government contacts, employers must pay the so-called prevailing wage as determined according to the Davis-Bacon Act or its state equivalent. A prevailing wage is the median wage paid to Workers in a specified locality The Davis-Bacon Act of 1931 is a United States federal law which established the requirement for paying prevailing wages on Public works projects Activists have undertaken to promote the idea of a living wage rate which would be higher than current minimum wage laws require. Living wage is a term used to describe the minimum hourly wage necessary for a person to achieve some specific standard of living

See also

External links

Compensation of employees (CE is a statistical term used in National accounts, Balance of Payments statistics and sometimes in corporate accounts as well Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, perqs or Employment is a Contract between two parties, one being the employer and the other being the employee. Labour power (in German Arbeitskraft, or labour force is a crucial concept used by Karl Marx in his critique of capitalist Political economy Performance-related pay is Money paid to someone relating to how well he or she works at the workplace The proletariat (from Latin la ''proles'' "offspring" is a term used to identify a lower Social class; a member of such a class is proletarian As a social-economic system slavery is a legal institution under which a Person (called "a slave" is compelled to work for another Wage labour is the socioeconomic relationship between a worker and an employer in which the worker sells their labour under a Contract ( Employment The Wage share is the ratio between Compensation of employees (according to the system of National accounts) and one of the following variables Wage slavery is a term first coined by the Lowell Mill Girls in 1836 though articulated as a concept at least as early as Cicero and elaborated by subsequent thinkers Working class is a term used in academic Sociology and in ordinary conversation to describe depending on context and speaker those employed in specific fields or types

Dictionary

wage

-noun

  1. an amount of money paid to a worker for a specified quantity of work, usually expressed on an hourly basis.

-verb

  1. to conduct or carry out.
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