Question

In: Economics

An example of income payment is wages. These are paid to exchange for: Select one: 1....

An example of income payment is wages. These are paid to exchange for:

Select one:

1. Investment
2. government spending
3. consumer spending
4. human resources

Expert Solution

Wage in economics refers to the sum of money paid by the employers to the employees in return for the services rendered by the latter.

There are four factors of production in Economics:

A) Land

B) Labour

C) Capital

D) Organisation/ Entrepreneur

Each of these factors receive payments in exchange for the services rendered by them.

Land earns rent, labour earns wages, capital earns interest while the entrepreneurs earn profits!

These all contribute to income.

Wages again can be categorised into:

Nominal wages

And

Real wages

Nominal wages refer to the monetary aspect, i.e., it refers to the amount of money that are paid out to the labourers.

Real wages on the other hand refer to the quantity of goods and services that a labourer can purchase out of the total wage received. So it is not a monetary concept at all.

Now that we have offered enough insight into the concept of wage, let''s answer the question that has been asked.

"An example of income payment is wages. These are paid in exchange for human resources"

Why human resources?

Because labourers are nothing but resources in the production process and it is their service that ensures production- you can't produce anything without their contribution. Labourers are human beings and therefore are known as "human" resources.

Answer: Option 4

Rahul Sunny answered 1 year ago

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