Wage determination, policy and theories, Managerial Economics

WAGE DETERMINATION, POLICY AND THEORIES

Wages and salaries are rewards to labour as a factor of production of goods and services.  In ordinary speech a distinction is frequently made between wages and salaries.  Some people might attempt to differentiate between them by saying that wages are payments for manual work; others may say that wages are paid weekly and salaries at longer intervals; yet others may say that wages are paid for a definite amount of work, as measured by time or price, so that if less than a full week is worked, a proportionate deduction from the weekly wage will be made whereas salaried workers suffer no such deductions.  Only the last definition is of any economic importance.  Wages are variable costs varying with output whereas salaries in the short run are a fixed cost since they do not vary with output.

Posted Date: 11/29/2012 5:09:54 AM | Location : United States







Related Discussions:- Wage determination, policy and theories, Assignment Help, Ask Question on Wage determination, policy and theories, Get Answer, Expert's Help, Wage determination, policy and theories Discussions

Write discussion on Wage determination, policy and theories
Your posts are moderated
Related Questions
Discuss the applications of Managerial economics concepts or theories in managerial decision making question..

Household This refers to all the people who live under one roof and who make or are subject to others making for them, joint financial decisions. The household decisions are a

What is Oligopoly? Oligopoly is a general market structure. This arises from similar forces that lead to monopoly, except within weaker form. This is an industry along with onl

diagram of production function with one varaible

Q. Simon satisfying behaviour model? The behavioural approach as developed in particular by Richard Cyert and James G. March of the Carnegie School, lays emphasis on explaining

Bank of Central Clearance ,Settlement and Transfer This function was first developed by the bank of England toward the middle of the nineteenth century. In 1954, a scheme was

KEYNESIAN AND NEW-KEYNESIAN THEORIES OF UNEMPLOYMENT AND THE BEHAVIOUR OF REAL WAGES    As  mentioned  above, two  phenomena  about the  labour market  need  to  be explained:

explain the law of demand

Q. Optimal Input Combination for Maximisation of Output? Equilibrium conditions of the firm are identical to the above situation which is, iso-cost line must be tangent to the