It may be in goods or services but is customarily in money. In economic theory, wages reckoned in money are called nominal wages, as distinguished from real wages, i.e., the amount of goods and services that the money will buy.
Real wages depend on the price level, as well as on the nominal or money wages.
In the United States, wages increased five fold between 1860 and 1960. See also minimum wage . Get quality answers at the right price. Listing from Electric Library , a pay service. Copyright 2001 Infonautics Corporation .