Wage is a payment to a labourer for its assistance to production. Wage payment is made on the basis of quantity of work. This type of wage payment is good only where the quality of productio…
WAGES
The payment made to labour for its work is
called wages in economics
Wages are the price for the services of the
[Link], by labour, we mean physical
or manual work.
In economics, labour includes not only the
physical work but all types of work whether it is
mental or physical. In other words, by labour we
mean the work done both by hand and brain.
So the reward given to workers, whether mental
or physical, are termed as wages in economics. Definition of Wages
* According to Benham “ A wage may be
defined as a sum of money paid under
contract by an employer to a worker for
the services rendered.”
* According to Prof. J.L Hanson “Wage is a
payment to a labourer for its assistance to
production”.
