List the kinds of wages.

1.	List the kinds of wages.
Answer» 1. Nominal wages or money wages : Nominal wages are referred to as the wages paid in terms of money. 2. Real wages : Real wages are the wages paid in terms of goods and services. Hence, real wages are the purchasing power of money wages. 3. Piece wages : Wages that are paid on the basis of quantum of work done. 4. Time wages : Wages that are paid on the basis of the amount of time that the worker works.

Answer»

1. Nominal wages or money wages : Nominal wages are referred to as the wages paid in terms of money.

2. Real wages : Real wages are the wages paid in terms of goods and services. Hence, real wages are the purchasing power of money wages.

3. Piece wages : Wages that are paid on the basis of quantum of work done.

4. Time wages : Wages that are paid on the basis of the amount of time that the worker works.

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