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Explain the main factors, which determine the wage rate in a competitive Labour Market.
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Q. Explain the main factors, which determine the wage rate in a competitive Labour Market.
Wages refers to the total package, cash plus benefits, given as a reward per time period to anyone who is employed by someone else. This encloses everyone from Doctors right down the line to waste disposal persons. Wage differentials or differences may therefore be much wider than a comparison of pay rates may suggest. Wages or net rewards from employment per time period, are a reward paid to the factor of production, labour. They are the price to secure quantity of labour (hours worked). There are two elements to the price of labour, the price of one kind of labour relative to another e.g. postman with respects to a clerk, and there is the real price of labour (if wages have gone up 10% compared to some earlier period but inflation has only gone up by 3% then real wages have increased relative to that base period)
A person's wages can be known as their income. Income is the amount of money received by a household over a period of time. This income may come from employment, self-employment, dividends, rent or a
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