Question

People receive income by exchanging human resources for______ or_______ .

Answer 1

People receive income by exchanging human resources for WAGES or SALARIES.

Wages are a form of income where a worker is paid a certain amount per hour for each hour of work performed.  You might punch a time clock and are paid for the hours and minutes spent on the job. For example, you take a job working at a fast-food restaurant for $10 and hour, and work twenty hours a week.  So each week you'd be earning $200 in wages.  (That would be your gross income.  After taxes and any other deductions are taken out, your net income would be the amount deposited to your bank account.)

Salaried employees are paid an agreed-upon amount each week/month/year. They don't keep track of their hours in precise fashion.  They're likely expected to work a full 40-hour work week, and might work added hours if needed to cover the needs of the workplace.  For example, the manager of the fast food restaurant where you work for wages might be paid on a salary basis.  He or she might come in early or stay late to make sure things are running well, and isn't punching a time clock each time in or out.  The manager might be paid a salary of $35,000 annually (for the sake of example in this scenario).

Answer 2

For wages or salaries