Search results
Results From The WOW.Com Content Network
Reservation wage. In labor economics, the reservation wage is the lowest wage rate at which a worker would be willing to accept a particular type of job. [1] This wage is a theoretical representation of the hourly rate at which an individual values their own leisure time. [2] A job offer involving the same type of work and the same working ...
Under UK law, piece workers must be paid either at least the minimum wage for every hour worked or on the basis of a ‘fair rate’ for each task or piece of work they do. Output work can only be used in limited situations when the employer doesn't know which hours the worker does (e.g. some home workers). If an employer sets the working hours ...
Compensating differential. Wage differential is a term used in labour economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job. A compensating differential, which is also called a compensating wage differential or an equalizing difference, is defined as the ...
Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms. [1] [2] Because these labourers exist as parts of a social, institutional, or political system, labour economics must ...
The Organisation for Economic Co-operation and Development defines the employment rate as the employment-to-population ratio. [1] This is a statistical ratio that measures the proportion of a country's working age population (statistics are often given for ages 15 to 64 [2] [3]) that is employed. This includes people that have stopped looking ...
Winston Churchill MP, Trade Boards Bill, Hansard House of Commons (28 April 1909) vol 4, col 388 Modern minimum wage laws trace their origin to the Ordinance of Labourers (1349), which was a decree by King Edward III that set a maximum wage for laborers in medieval England. Edward, who was a wealthy landowner, was dependent, like his lords, on serfs to work the land. In the autumn of 1348, the ...
The marginal revenue productivity theory of wages is a model of wage levels in which they set to match to the marginal revenue product of labor, (the value of the marginal product of labor), which is the increment to revenues caused by the increment to output produced by the last laborer employed. In a model, this is justified by an assumption ...
Also, the unemployment rate for Black workers fell back down to 5.6% (a rate seen in February) after suddenly spiking to 6.4% in March. Economists at the time cautioned that the increase was ...