Economics, sem -1, B.A.LLB.(Hons.)

1. Bhargav Dangar
Roll No. 24
Economics

2.  The payment made to labour is called wages.
 Labour is one of the factors of production.
 Professor J.N. Hanson says, “ Wage is a
payment to a labourer for its assistance to
production,”
 Thus, the reward given to workers, whether
for mental or physical work are termed as
wages in economics.

3. (1) Time wages : Wages paid according to the
time are called Time wages. Time wages
referred to the daily wages, weekly wages
etc.
(2) Price wages : Price wages are the modes
of payment which are paid on the basis of
the quantity of work.

4. (3) Task wages : If the worker does the work
from the start to its end, the payment is
made for whole the work and its called Task
wages.
(4) Cash wages : When the wages are paid in
money or cash, they are called Cash wages.

5. (5) Kind wages : The wages paid to the
workers for their services in the form of
commodities is called Kind wages.
(6) Service wages : Sometimes workers are
neither paid in cash or kind. They are paid
through a service. This is called Service
wage.