What is the definition of wages?
Often, wages. money that is paid or received for work or services, as by the hour, day, or weekUsually, wages. Economics. the share of the products of industry received by labor for its work (as distinct from the share going to capital). # Payment for labor or services to a worker, especially remuneration on an hourly, daily, or weekly basis or by the piece. The portion of the national product that represents the aggregate paid for all contributing labor and services as distinguished from the portion retained by management or reinvested in capital goods.
Wages have been classified into three different categories. The categories are living wages, minimum wages, and fair wages. Living wages are often defined as the wages needed in order to provide the necessities in order to live; such as food, clothing, and housing. Minimum wage is determined by the government, and are the lowest wages one can legally earn. Fair wage is the mean between the living wage and the minimum wage.
Wages Payable goes into balance sheet under liability and wages expenses shows under income statement. Wages Expenses Wages Payable Income Statement Wages Expanses Now in these entries wages payable remains still to be closed so it goes to balance sheet until payment. When payment settled Wages Payable Cash/Bank/Goods etc
David Ricardo's "iron law of wages" basically states that parents would have more children if wages were raised. These children would then expand the number of workers and lower wages as they entered the labor market. Then, wages would fall and the workers would have fewer children. The process would then start over as wages would once again rise. He used this logic to advocate that wages would always tend toward a minimum level in…