Chapter
15
Wage
Determination
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Labor,
Wages,
and
Earnings
Wages
Price
paid
for
labor
Direct
pay
plus
fringe
benefits
Wage
rate
Nominal
wage
Real
wage
General
level
of
wages
LO1
15-2
Role
of
Productivity
Labor
demand
depends
on
productivity
U.S.
labor
is
highly
productive
Plentiful
capital
Access
to
abundant
natural
resources
Advanced
technology
Labor
quality
Other
factors
LO1
15-3