What is money wage rate while the money wage rate or, Ask an Expert

Economics

What is money wage rate

While the money wage rate or nominal wage rate is the hourly wage rate calculated in money that a worker receives for supplying labour, the real wage rate is calculated in terms of the goods and services the worker can buy with the money at the current price level.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9574710

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