Financial compensation falls into two general categories, which are:

1 answer:

8 0

<span>Financial compensation falls into two general categories, which are wages and salary.

A wage is something that is based based on an hourly rate with the hours that are worked. So if your wage is $16 an hour and you worked 10 hours that week, your wage would be paid as $160. If you receive an salary and it's $40,000 a year, you are paid based on that verse a certain amount of hours.
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The main factors influencing a commodity's price elasticity of demand are as follows: 1. The presence of substitutes 2. The sum of consumer spending 3. A product's number of applications 4. The Products' Complementarity 5. Time and elasticity. The most important factor influencing price elasticity of demand is the availability of diverse kinds and quantities of substitutes for a particular commodity or service. If a commodity has close substitutes, its demand is probably elastic. The demand for such an item will be greatly diminished if its price rises because consumers will switch to similar substitutes.

With increasing substitutability, something's price elasticity of demand rises.

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