Final answer:
Fair wages are essential in labor economics, encompassing the ethical idea of proper compensation, which may include living wages.
Explanation:
Fair wages are a crucial aspect of labor economics and social justice. They represent the ethical perspective that employers should provide adequate compensation to workers. In some cases, this can extend to the concept of living wages, ensuring that workers earn enough to cover basic necessities.
Learn more about Wages and Compensation here:
https://brainly.com/question/30010929
