What does reservation wage mean?
Definitions for reservation wage
reser·va·tion wage
This dictionary definitions page includes all the possible meanings, example usage and translations of the word reservation wage.
Wikipedia
Reservation wage
In labor economics, the reservation wage is the lowest wage rate at which a worker would be willing to accept a particular type of job. A job offer involving the same type of work and the same working conditions, but at a lower wage rate, would be rejected by the worker. An individual's reservation wage may change over time depending on a number of factors, like changes in the individual's overall wealth, changes in marital status or living arrangements, length of unemployment, and health and disability issues. An individual might also set a higher reservation wage when considering an offer of an unpleasant or undesirable job than when considering a type of job the individual likes (see compensating differential). Just as a worker has an incentive to search for a high wage when looking for a job, a consumer has an incentive to search for a low price when purchasing a good. The highest price the consumer is willing to pay for a particular product is that consumer's reservation price.
Numerology
Chaldean Numerology
The numerical value of reservation wage in Chaldean Numerology is: 2
Pythagorean Numerology
The numerical value of reservation wage in Pythagorean Numerology is: 2
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"reservation wage." Definitions.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.definitions.net/definition/reservation+wage>.
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