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Information about Wages

WAGE can refer to:
A wage is a compensation which workers receive in exchange for their labor.

Defining what is considered a wage

Labor and finance fields

In labor and finance settings a wage may be defined more narrowly to include only cash paid for some specified quantity (measured in units of time) of labor. 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. Once a job description has been established, wages are often a focus when negotiating an employment contract between employer and 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. 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 interest (a return on a capital investment).

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.

Several countries have enacted a statutory minimum wage rate that fixes the price of certain kinds of labor.

Etymology

Wage derives from words which suggest "making a promise," often in monetary form. 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 Fair Labor Standards Act requires a minimum wage at the federal level although states and cities can and sometimes do set their own higher minimum. 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. Activists have also undertaken to promote the idea of a living wage rate which would be higher than current minimum wage laws require.

See also

External links

Wide Area GPS Enhancement (WAGE) is a method to increase the horizontal accuracy of the GPS encrypted P(Y) Code by adding additional range correction data to the satellite broadcast navigation message.
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WAGE

City of license Leesburg, Virginia
Broadcast area Leesburg, Virginia
Loudoun County, Virginia
Branding "AM 1200 WAGE"
Slogan "Loudoun County's Sound Choice"
First air date 1958
Frequency 1200 kHz
Format News/Talk/Sports
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worldwide view of the subject.
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Radio broadcasting is an audio (sound) broadcasting service, traditionally broadcast through the air as radio waves (a form of electromagnetic radiation) from a
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Leesburg, Virginia

Seal
Motto:
Location of Leesburg, Virginia
Coordinates:
Country United States
State Virginia
County Loudoun
Area
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coincidence of wants problem (often "double coincidence of wants") is an important category of transaction costs that impose severe limitations on economies lacking money and thus dominated by barter or other in-kind transactions.
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labour (or labor) is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have created a concept called human capital (referring to the skills that workers possess, not
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Quantity is a kind of property which exists as magnitude or multitude. It is among the basic classes of things along with quality, substance, change, and relation. Quantity was first introduced as quantum, an entity having quantity.
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time.

One view is that time is part of the fundamental structure of the universe, a dimension in which events occur in sequence, and time itself is something that can be measured.
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labour (or labor) is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have created a concept called human capital (referring to the skills that workers possess, not
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worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.


A salary is a form of periodic payment from an employer to an employee, which is specified in an employment contract.
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An '''employnd, sometimes, garden leave.

Some employers also use non-disclosure and non-compete clauses to protect their trade secrets from being dispersed when employees leave. Depending on where you live, the laws regarding enforcability of these clauses vary widely.
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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Sharecropping is a system of agriculture or agricultural production where a landowner allows a sharecropper to use the land in return for a share of the crop produced on the land.
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supply and demand describe market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in the market.
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Motto
"In God We Trust"   (since 1956)
"E Pluribus Unum"   ("From Many, One"; Latin, traditional)
Anthem
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LAW may refer to:
  • Lightweight Anti-tank Weapon, like the M72 LAW (US Army) and the LAW 80 (British Army)
  • Palestinian Society for the Protection of Human Rights (also known as LAW)
  • League of American Bicyclists, formerly known as the League of American Wheelmen

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A minimum wage is the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers. First enacted in Australia and New Zealand in the late nineteenth century,[1] minimum wage laws are now in force in more than 90% of all countries.
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price is the assigned numerical monetary value of a good, service or asset.

The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory).
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Money is any token or other object that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts.
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Motto
"In God We Trust"   (since 1956)
"E Pluribus Unum"   ("From Many, One"; Latin, traditional)
Anthem
..... Click the link for more information.
supply and demand describe market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in the market.
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worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.


Collective bargaining is the process whereby workers organize collectively and bargain with employers regarding the workplace.
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A trade union or labour union is an organization of workers. The trade union, through its leadership, bargains with the employer on behalf of union members ("rank and file" members) and negotiates labor contracts with employers.
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The Fair Labor Standards Act of 1938 (FLSA, ch. 676, 52 Stat. 1060, June 25, 1938, 29 U.S.C.  ch.8 ) is United States federal law that applies to employees engaged in and producing goods for interstate commerce[1]
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A minimum wage is the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers. First enacted in Australia and New Zealand in the late nineteenth century,[1] minimum wage laws are now in force in more than 90% of all countries.
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A prevailing wage is the median wage paid to workers in a specified locality.

Scope

Prevailing wage may include both wages and benefits. It incompasses the compensation for a worker given for performed labor.
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The Davis-Bacon Act of 1931 is a United States federal law which established the requirement for paying prevailing wages on public works projects. All federal government construction contracts, and most contracts for federally assisted construction over $2,000, must include
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Living wage is a term used by advocates to refer to the minimum hourly wage necessary for a person to achieve some specific standard of living. In the context of developed countries such as the United Kingdom or Switzerland, this standard generally means that a person working forty
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Compensation of employees (CE) is a statistical term used in national accounts, Balance of Payments statistics and sometimes in corporate accounts as well. It refers basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period,
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