A wage's a compensation, usually financial, received by a worker in exchange for their labor. Compensation in terms of wages's given to worker and compensation in terms of salary's given to employees. Compensation's a monetary benefits given to employees in returns of the services provided by them. Determinants of wage rates Depending on the structure and traditions of different economies around the world, wage rates are either the product of market forces (Supply and Demand), as's common in the… (More on Wage)