Wage-goods are consumer goods. "Consumer goods are final goods specifically intended for the mass market. For instance, consumer goods do not include investment assets, like precious antiques, even though these antiques are final goods."
High-wage products can also be called normal goods. This means that if a person's income increases thy will buy more normal goods and less inferior goods. Normal goods include, but are not limited to: nice dinners out, sports cars, Broadway tickets, fancy hotels rooms, etc.
Consumer Price Index
a wage price spiral of ever-increasing prices
What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them
Command
A wage is the amount paid to someone who participates in the activity of producing goods and services.a person who participates in the activity of producing goods and services is a labourer.A wage is generally paid to labourer
Wage controls attempt to stop inflation
raising minimum wage
High-wage products can also be called normal goods. This means that if a person's income increases thy will buy more normal goods and less inferior goods. Normal goods include, but are not limited to: nice dinners out, sports cars, Broadway tickets, fancy hotels rooms, etc.
well, it depends on many factors, and when it will be implemented, however, do remember that when minimum wage is raised, any store that pays below the new minimum wage will have to increase their employees wages too, and to pay for that, they will have to increase their cost of goods, and then those that make minimum wage will not have enough money to buy the now costly goods, and will then want increased minimum wage... do you see a pattern forming here?
True, but an employer must guarentee min wage
The first US minimum wage law was not enacted until 1938. The 1938 Act was applicable generally to employees engaged in interstate commerce or in the production of goods for interstate commerce and was set at $.25 an hour.
The estimated average hourly wage in the industry was $8.46 for a production worker in 2000
Consumer Price Index
a wage price spiral of ever-increasing prices
By 2001, the average hourly wage for production workers was $14.63, up from $13.40 in 2000.
When you are paid on a commission basis, you receive a certain percent of the price of the goods/services you sold, rather receiving a wage or salary.