Wage
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A '''wage''' is a compensation workers receive [[Coincidence of wants|in exchange]] for their [[Labor (economics)|labor]].
==Defining what is considered a wage==
===Labor and finance fields===
In labor and finance settings, a ''wage'' may be defined to include cash paid for some specified [[quantity]] (measured in [[Time|units of time]]) of [[Labor (economics)|labor]]. Wages may be contrasted with [[salaries]], with wages being paid at a '''wage rate''' (based on units of time worked) while salaries are paid periodically without reference to a specified number of hours worked. Once a job description has been established, wages are often a focus when negotiating an [[employment contract]] between [[employer]] and [[employee]].
===In economics===
[[Economics|Economists]] define ''wages'' more broadly than just cash compensation and include any '''return to labor''', such as goods workers might create for themselves, returns ''in kind'' (such as [[sharecroppers]] receive), or even the enjoyment that some derive from work. For economists, even in a world without others, an individual would still acquire ''wages'' from labor: food hunted or gathered would be considered '''wages''' and any returns resulting from an investment in tools (such as an axe or a hoe) would be deemed [[Returns (economics)#Profit | Profits]] (a return to real capital). The need to sell one's labor for wages in order to survive and prosper was described as [[wage slavery]] by the [[Lowell Mill Girls]], [[Karl Marx]] and various thinkers in the socialist and anarchist traditions.[http://en.wikipedia.org/wiki/Wage_slavery]
==Determinants of wage rates==
Depending on the structure and traditions of different economies around the world, wage rates are either the product of market forces ([[Supply and demand|Supply and Demand]]), as is common in the [[United States]], or wage rates may be influenced by other factors such as tradition, social structure and seniority, as in [[Japan]].
Several countries have enacted a [[Law|statutory]] [[minimum wage]] rate that fixes the [[price]] of certain kinds of labor.
==Etymology==
{{Wiktionary|wage}}
''Wage'' derives from words which suggest "making a promise," often in [[Money|monetary]] form. Specifically from the Old French word ''wagier'' or ''gagier'' meaning to pledge or promise, from which the money placed in a bet (''wager'') also derives. These in turn may derive from the French ''gage'' to wager, the Gothic ''wadi'', or the Late Latin ''wadium'', also meaning "a pledge".
==Wages in the United States==
In the [[United States]], wages for most workers are set by [[Supply and demand|market forces]], or else by [[collective bargaining]], where a [[labor union]] negotiates on the workers' behalf. Although states and cities can and sometimes set a [[minimum wage]], the [[Fair Labor Standards Act]] requires a minimum wage at the federal level. For certain federal or state government contacts, employers must pay the so-called [[prevailing wage]] as determined according to the [[Davis-Bacon Act]] or its state equivalent. Activists have undertaken to promote the idea of a [[Living wage|living wage rate]] which would be higher than current minimum wage laws require.
== See also ==
* [[Compensation of employees]]
* [[Employee benefit]] (non-monetary compensation in exchange for labor)
* [[Employment]]
* [[Labour (economics)|Labour in Economics]]
* [[Labor power|Labour power]]
* [[Performance-related pay]]
* [[Proletarian]]
* [[Slavery]]
* [[Wage labour]]
* [[Wage share]]
* [[Wage slavery]]
* [[Working class]]
==External links==
* [http://www.bls.gov/bls/blswage.htm U.S. Bureau of Labor Statistics]
* [http://www.bibliomania.com/2/1/65/112/frameset.html Wealth of Nations] - click Chapter 8
* [http://www.worklifewizard.org WorklifeWizard], American Wage Checker
* [http://www.rationalrevolution.net/articles/capitalism_wages.htm Understanding Capitalism Part III: Wages and Labor Markets] - Critical of capitalism
* [http://www.dol.gov/esa/minwage/america.htm U.S. Department of Labor: Minimum Wage Laws] - Different laws by State
* [http://www.usda.gov/nass/graphics/data/fl_allwg.txt Average U.S. farm and non-farm wage]
* [http://www.cbsalary.com CBsalary.com] - Compensation information for jobs in the United States
* [http://www.payraisecalculator.com Payraise Calculator] - and online calculator for calculating your pay
* [http://laborfair.com/resources.php LaborFair Resources] - Link to Fair Labor Practices
* [http://viewer.zmags.com/showmag.php?mid=pfgsh#/page6/ The Truth Behind Wages in Mining] - Link to An Article Abouth How Wages are measured and Current Standards for Mining Professionals
[[Category:Employment compensation|Wage]]
[[Category:Labor economics|Wage]]
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[[cv:Шалу]]
[[da:Løn (arbejde)]]
[[de:Arbeitsentgelt]]
[[es:Salario]]
[[eo:Salajro]]
[[fr:Salaire]]
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[[it:Salario]]
[[nl:Arbeidsloon]]
[[no:Lønn (økonomi)]]
[[pl:Płaca]]
[[pt:Salário]]
[[ro:Remuneraţie]]
[[ru:Заработная плата]]
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[[zh:工资]]
[[zh-yue:人工]]