The compensation agreed upon by a master to be paid to a servant, or any other person hired to do work or business for him. In maritime law. The compensation allowed to seamen for their services on board a vessel during a voyage. In political economy. The reward paid, whether in money or goods, to human exer- tion, considered as a factor in the production of wealth, for its co-operation in the process. “Three factors contribute to the production of commodities,
What is WAGES?
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