Difference between revisions of "Wage"

Revision as of 23:45, January 21, 2012

dick

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-A '''wage''' is an amount of [[money]] to be paid for a job.  There is usually a correlation between the wage paid and the experience of the person to do the job and the level of skill necessary for the job.
+dick
-Like all market forces, wages are payed based on interactions between the supply curve (how much workers are willing to supply a particular type of labor at a certain wage) and a demand curve (how many workers of a particular type a firm is willing to hire at a particular wage). Wages are typically set at [[equilibrium]]. If a minimum wage is imposed that is above this equilibrium, it leads to structural [[unemployment]]. If a minimum wage is set below the equilibrium point, it is unlikely to affect that jobs wage unless a complement or substitute job's equilibrium wage is less than the minimum wage (causing ripple effects throughout the related markets).
-==See Also==
-* [[Minimum wage]]
-* [[Maximum wage]]
-[[Category:Economics]]