Question on: JAMB Economics - 2011

The money paid per hour for work done is the wage rate.

• Wage rate: This is the payment received for each hour of work.
• Salary: This is a fixed amount of money paid regularly (e.g., monthly or annually), often for professional or white-collar jobs, not necessarily tied to an hourly rate.
• Cost: This refers to the expenses incurred in producing goods or services.
• Bonus: This is an extra payment given in addition to the regular wage or salary, often based on performance.