ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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rent
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wages
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inteterst
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profit
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Detailed explanation-1: -In economics, the price paid to labour for its contribution to the process of production is called wages. Labour is an important factor of production. If there is no labour to work, all other factors, be it land or capital, will remain idle. Thus, Karl Marx termed labour as the “creator of all value”.
Detailed explanation-2: -What Is the Cost of Labor? The cost of labor is the sum of all wages paid to employees, as well as the cost of employee benefits and payroll taxes paid by an employer.
Detailed explanation-3: -There are three kinds of wages minimum wage, fair wage & living wage.
Detailed explanation-4: -Answer: explicit cost. Explanation: The wages paid to labour is an accounting direct cost that must be paid in order for production to take place.
Detailed explanation-5: -: wages measured in money as distinct from actual purchasing power.