wage rate
established pay rate for a particular job during a given period of time, usually on an hourly basis. Minimum wage rates are established by the federal Fair Labor Standards Act .
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Wage rate
Definition: Pay per time period e.g. s per hour
Related glossary term: ...
Reservation Wage Rate
In a model involving possible labor force participation, the reservation wage rate is the minimum wage rate at which an agent will accept employment.
COMPETITIVE WAGE RATE
A payment to employees for work that is generally equivalent to the payment made to others performing similar work.
CASUAL LABOR ...
Wage rate structure for all employees in a department, division, or company. Wage scales are determined by the type of job, its duties and responsibilities, and the general labor market, and are distributed within the range of wage brackets.
Wage rates that have stable differences among occupations.
Occupational Employment Statistics (OES) ...
An hourly wage rate set by the federal government below
which actual hourly wages cannot fall. This rate can be increased by state governments.
Minimum inventory
An inventory item's budgeted minimum inventory level.
The hourly wage rate was lower because of a shortage of highly skilled welders. The less experienced welders were paid less per hour but they also worked slower. This inefficiency shows up in the unfavorable labor efficiency variance: ...
Efficiency wage rate - The profit maximising wage rate for the firm after taking into account the effects of wage rates on worker motivation, turnover and recruitment.
Classical unemployment [r]: Unemployment that results from setting the wage rate at a level at which the demand for labour falls short of its supply. [e] ...
The introduction of the NRA had initially brought about a sharp increase in money and real wage rates as firms attempted to comply with the NRA's blanket code.
As the wage rate rises, the worker will substitute work hours for leisure hours, that is, will work more hours to take advantage of the higher wage rate. This substitution effect is represented by the shift from point C to point B.
However, no credit is given for tips used to meet the federal minimum hourly wage rate. For example, if the minimum wage rate was $5.15 per hour, and you paid the employee $3.75 per hour and applied tips of $1.40 per hour to reach the $5.
Phillips demonstrated an inverse statistical association between annual changes in average wage rates and the rate of unemployment.
There is no mandate to change the federal minimum wage rate, but members of Congress routinely request consideration for a raise. If an adjustment is approved, the minimum wage is generally raised in phases over the space of a few years.
In the graph shown above, the wage rate is constant at $10 per hour. 2) A proportional change in the activity index causes the same proportional change in the cost.
* Price Competitiveness --determined by the interaction of four factors leading to competitive prices on world markets: real input costs (material prices, wage rates, and the cost of capital); productivity; profit margins; and the exchange rate.
From the above diagram as the wage rate increases then the labour hours increases, however there reach a point were as the wage rate increase workers work les hours, ...
MONOPSONY, MINIMUM WAGE: A minimum wage is a legally established floor on the wage rate that employers can pay their workers. Monopsony is a market structure dominated on the demand side by a single buyer.
Dictionary Term
basic wage rate
Dictionary Term
wage drift
Blog Post
Mauldin’s "Endgame" teaches politicians the basics, but are they listening?
By Anthony Harrington, March 23, 2011 ...
Classical unemployment occurs when real wages are kept above the market clearing wage rate, leading to a surplus of labour supplied.
Classical unemployment is sometimes known as real wage unemployment because it refers to real wages being too high.
(2) A phase of the business cycle characterized by abnormally high prices, a decrease in the purchasing power of money, and spiraling costs and wage rates.
A wage rate much above the subsistence level causes an increase in the number of workers; competition will then lead to a depression of wages back toward the cost of subsistence.
Marginal factor cost (MFC) The cost of using an additional unit of an input. For example, if a firm can hire all the workers it wants at the going wage rate, the marginal factor cost of labour is the wage rate.
[cite this quote] The paper, "Will inventions A or B lower or raise the new market-clearing real wage rates that sustain high-to-full employment"[citation needed] condemned "economists' over-simple complacency about globalization" and said that ...
Unemployment - The situation in which people are willing and able to work at current wage rates, but do not have jobs.
During the first year of the Industrial Courts Act over 500 cases were referred to the arbitration of the industrial court, a number of the cases being of considerable importance as concerning the wage rates of the whole industry.
Structural. Occurs when workers are unable to fill available jobs because they lack the skills, do not live where jobs are available, or are unwilling to work at the wage rate offered in the market.
 See also: Expense, Job, Administration, Saving, Barriers
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