Wages are the major element of cost in the economy accounting for about 70 percent of all input costs.

Name: Wages are the major element of cost in the economy accounting for about 70 percent of all input costs.
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Wages are one of the major components of input costs in many industries, accounting for a significant proportion of the total cost structure. According to various studies, wages and salaries constitute roughly 70 percent of all input costs in the economy.

Wages Are the Major Element of Cost in the Economy