Chapter 3, Problem 3AA

To determine

The best term which completes the sentence with the correct meaning.

Answer to Problem 3AA

Option(A) -Region.

Explanation of Solution

Wages differ from region to region in a particular country and that depends upon various reasons:

• Wages can be less in a region of a country because of the low demand or more supply of workers or laborers in that area.
• Wages can be high because of more demand and less supply of laborers in that region.
• Wages differ in rural and urban areas as well. Less wages are paid in rural areas as compared to urban areas.
• No other option is correct because the question talks about the parts of the country, in which only the option ‘region’ can fit and that is the only correct conceptual option to the question.

Economics Concept Introduction

Introduction:

Wages can be defined as the factor payments given for the factor services rendered by the workers or laborers of the household sector.