Deal with the payment of labor employed in competitive enterprises

Represent the payment of one factor of production that is manpower

Are the contributions or are the shares paid for the value of land capital and profits

This theory is based upon the fundamental concept that labor is a commodity and we have to pay the price according to supply and demand

Is described as wage which permits the recipient worker to live in a manner in keeping with his position in society

According to this theory the workers cost of living should be considered first in the cause of production

Expounded by john stuart mill and his followers this theories hold the idea that the working capital of the nation provides a fund from which wages can be paid

Proposes that labor is a commodity like anything that could be bought at a price by the user

Just wage theory is from

Provides them with strong incentive to do their jobs well and the rate of pay indicates their status in the company

Offers the best explanation of the wages in modern society

Tries to establish the relationship between wages and the level of economic activity

Who proposed the theory of labor

It emphasizes that labor is the source of all product and that without this important component there could be no goods for human consumption

Means that wages should be based on the cost of living

The line is drawn freehand so that about the same number of data points fall above the line

This uses the statistical formula the trend line will normally follow a straight path

Using another statistical formula the trend line will normally take the form of a curve and may more accurately indicate the trend of the data

It is the range of the salary that is paid to an employee doing similar functions that has a minimum and maximum pay in a series of step adjustments

Earnings do not fluctuate with the amount of work performed or with the quality of output

Earnings depends on how much work the employee completes or on a related factor such as the quality of work

Means manual laborer

Office workers

Job associated with women like nursing secretarial etc this being a rather sexist term is no longer used

These are workers who have received specialized training to do their jobs

These are workers who have received no specialized training and have few specific skills

Arguably the elite of the labor grades these are those workers who need an advanced degree to do their jobs

Defining the labor market is one of the steps in conducting a wage and salary survey

The loss of a country can affect the wages of that country

The bargaining theory brought about the organization of minimum wage law

The marginal productivity theory explains the wages in the modern industry

Presentation of the surveys result is optional in conducting ways and salary survey

are determined by the number of pieces produced or completed and each piece is assigned a piece value that is called piece rate