GlossariesGCSE GlossariesGCSE Business GlossaryWage

Wage - GCSE Business Definition

Reviewed by: Steve Vorster

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A wage refers to a regular payment to an employee by an employer in exchange for the work or services provided. It can be calculated on an hourly, daily, or weekly basis. Wages can vary depending on the type of job, industry standards, and the employee's skills and experience. Unlike salaries, which are usually fixed and paid monthly, wages can fluctuate based on the number of hours worked or tasks completed.

Understanding wages is crucial for GCSE Business students, as it helps to grasp concepts related to employment, labour costs, and financial management within a business.

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Steve Vorster

Reviewer: Steve Vorster

Expertise: Economics & Business Subject Lead

Steve has taught A Level, GCSE, IGCSE Business and Economics - as well as IBDP Economics and Business Management. He is an IBDP Examiner and IGCSE textbook author. His students regularly achieve 90-100% in their final exams. Steve has been the Assistant Head of Sixth Form for a school in Devon, and Head of Economics at the world's largest International school in Singapore. He loves to create resources which speed up student learning and are easily accessible by all.

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