Economics A-Level
Wage rate
What Wage rate means in Economics A-Level, as defined for AQA.
Definition of Wage rate
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Reference: AQA
The price of labour; as it increases, the cost of production rises, leading firms to demand fewer workers.
Topics that use Wage rate
- The demand for labour, marginal productivity theory (AQA A-Level)
Related terms
- Demand curve for labour
- Derived demand
- Factor markets
- Law of diminishing returns
- Marginal revenue product
- Profit maximisation
- Substitutes and complements
- Labour productivity
Using Wage rate in the exam
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