Real-time Economy Concept and Minimum Unit Wage

In Modern Labor market, individuals, business entities and Governments allocates scarce resources (Products or services.) to satisfy unlimited wants critically based on the time. In modern economics, real-time economy is fundamental concept determining how an employee’s minimum unit wage is compensated in proportional to the real-working time and employer ‘net profit while other factors remain standard or constant. The minimum unit wage is the lowest remuneration that the employers can legally pay the employees per unit of time and generated-net profit. Therefore, the result showed that Minimum unit wage proportionally increases (W↑) when real-working time increases, generated-net profit decreases and other factors remain constant after standardization. As conclusion, standard-minimum unit wage will systematically reduce the unemployment rate, Low Pay and increase the productivity of the business entities without Dead-time compensation. Key words: Standard-minimum unit wage, Standard-minimum piece rate Pay and Predicted-minimum unit wage