Discuss the two main forms of wage employment.

1.	Discuss the two main forms of wage employment.
Answer» There are two main kinds of wages- (1) Nominal wages and (2) Real wages. The term ‘nominal wages’ refers to money wages. But the term ‘real wages’ refers to the commodities and services that the money wages can provide. The standard of living of workers relies on real wages and not on money wages. Real wages depend on many things like the purchasing power of money, additional benefits the workers get such as free boarding and lodging, regularity of employment, working conditions and so on. Real wage do not always raise with the money wages.

Answer»

There are two main kinds of wages-

(1) Nominal wages and (2) Real wages. The term ‘nominal wages’ refers to money wages. But the term ‘real wages’ refers to the commodities and services that the money wages can provide. The standard of living of workers relies on real wages and not on money wages. Real wages depend on many things like the purchasing power of money, additional benefits the workers get such as free boarding and lodging, regularity of employment, working conditions and so on. Real wage do not always raise with the money wages.

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