List the Internal and External Factors That Affect the Wage

question 64

Essay

List the internal and external factors that affect the wage rates of employees.

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Definitions:

Goods And Services

Products and activities that satisfy human wants or needs, which can be tangible (goods) or intangible (services).

Economists

Individuals dedicated to analyzing the creation, dissemination, and consumption patterns of goods and services.

Decisions

The act of making choices between alternatives to achieve a goal or solve a problem.

Efficiency

The extent to which resources are used in the most productive way possible to produce desired goods and services while minimizing waste or inefficiency.