Wages refer to the payment made to laborers for their assistance in the production process, according to Professor J.N. Hanson. There are different types of wages, including time wages which are paid according to time periods like daily or weekly, price wages which are based on the quantity of work completed, task wages which are paid upon completion of a full task, cash wages which are paid in money, kind wages which are paid in commodities rather than cash, and service wages where payment is made through a service rather than cash or kind. Labor is considered one of the factors of production in economics.

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.