When aggregates demand declines, wage rates may be inflexible downward , at least for a time , because of wage contracts
Wage contracts :
A contract is a legal agreement usually between two companies or between an employer and employee , which involves doing work for a stated sum of money. A payment usually of money for labor or services usually according to contract and on an hourly , daily , or piecework basis .
Wage workers
They are paid by the hour , and their wages will be calculated according to how many hours were worked during the pay period , salary workers are paid a fixed amount per pay period , regardless of how many hours they worked.
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