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Nominal Wage
What you receive in your check
Real wage
Wage after adjustments for inflation
Aids to greater productivity
Capital, natural resources, technology, labor quality
Purely competitive labor market
Unskilled labor, hire all you want at the same price
Imperfectly competitive labor market
Skilled Labor, must raise wages to hire more labor
Monopsony
Single buyer, labor immobile, firm is a wage maker.
Must raise ages to hire more labor
Minimum wage
Price floor that causes surplus of labor
Human Capital
Education and training that makes labor more valuable
Efficiency wages
Paying an above market wage: insures better workers, more productivity, less supervision and lower turnover.
Note 
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