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Wages are a payment for services of labour whether mental or physical,wages includes fees, commission and salaries

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What concept does federal legislation of the minimum wage illustrate?

The concept federal legislation of the minimum wage illustrates is labor reform. Many states have federal wages that vary greatly from the one the federal government has instituted.


What kind of science did David Ricardo's theory of the iron law of wages come to be called?

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What kind of science did David Ricardo and theory called the iron law of wages come to be called?

David Ricardo is associated with political economy and specifically known for his theory of comparative advantage in international trade. The "iron law of wages" is a concept that suggests that wages tend to gravitate towards the bare minimum required for subsistence as part of his larger economic theories.


What kind of science did david ricardos theory called the iron?

David Ricardo's theory called the "iron law of wages" is a concept in classical economics that suggests that wages naturally tend to gravitate towards the level necessary to maintain a worker at subsistence. It implies that any attempts to raise wages above this level would be counterproductive as it would lead to an increase in population, resulting in more workers competing for the same job and ultimately driving wages back down to subsistence.


What is the journal entry for outstanding wages?

debit wages expensescredit wages payable


What type of wages did African slaves make?

African slaves did not make any wages whatsoever. The concept of slavery is that the person is forced into service by threat of violence. They did receive some food and shelter, and were occasionally treated well.


What is 30 percent off minimum wages?

30% off of minimum wages = 30% discount applied to the minimum wages = minimum wages - (30% * minimum wages)


According to Adam smith how should wages and prices be regulated?

Adam Smith believed that wages and prices should be regulated by the forces of supply and demand in a free market economy. He argued that competition among employers and workers would naturally adjust wages and prices to levels that reflect the true value of goods and services. This concept is known as the invisible hand of the market.


What are the differences between economic and accounting concepts of cost?

The economic concept of cost considers both explicit costs (such as wages and materials) and implicit costs (such as opportunity costs and owner's time). Accounting concept of cost focuses mainly on explicit costs and is used for financial reporting and tax purposes.


Is wages singular or plural?

Wages is plural


What are taxing wages?

Taxing wages would have to be wages that you have worked for and earned by providing services for an employer.


The entry to adjust the accounts for wages accrued at the end of the accounting period is?

wages expense and wages payable