Types of wages in Economics.
There are basically two types of wages namely;
1. Nominal Wages: Nominal wages also known as money wages are the total amount of money in the form of rewards paid to labour which are measured in monetary terms. That is to say the actual amount of money paid for labour in a given period of time.
2. Real Wages: Real wages are the total amount of goods and services which the rewards paid for labour can purchase. That means the purchasing power or what the money paid for labour services can buy.
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