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Real and nominal wages
Wages are wanted only for what they will buy, real wages being wages in terms of the goods and services that can be bought with them. Nominal wages are wages in terms of money, and the term money wages is perhaps to be preferred. In determining nominal wages of people in different occupations; account must be taken of payments in kind, such as free uniform for policemen, railway workers and may others, free travel to and from work for those engaged in the passenger transport undertakings, the use of the car by some business executives, free board and lodging for some hotel workers and nurses.
" The labourer", say Adam Smith, "is rich or poor, is well or ill rewarded, in proportion to the real, not to the nominal price of his labour."
Discuss the full cost pricing and marginal cost pricing method. Explain how the two methods differ from each other.
Economics for Accountants A few teachers and some students have questioned the rationale for including economics in a course of study for professional accountants. In order to
Labor demand for low-skilled workers in the United States is w= 24 -0.1E where E is the number of workers (in millions) and w is the hourly wage. There are 120 million domestic U.S
what kind of market structure is involved for the sale of medicines and vitamins? explain
TYPES OF UNEMPLOYMENT A person can be either in the labour force or not in the labour force of an economy. The person not included in the labour force includ
How does economic theory contribute to managerial decisions?
assignment
PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
define scarcity and opportunity cost.Show how these concept are useful in managerial decision making
who are the contributors in economics and what they contribute in economics
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