Labour (economics)
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In classical economics and all micro-economics labour is one of four factors of production, the others being land, capital and enterprise. It is a measure of the work done by human beings. There are macro-economic system theories which have created a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counterposing macro-economic system theories that think human capital is a contradiction in terms.
| Articles related to the Labor movement |
| Child labor |
| Labor in economics |
| Labor history |
| Labor law |
| Labor rights |
| Labor union |
| Strike |
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Compensation and measurement
Wage is a basic compensation for labour, and the compensation for labour per period of time is referred to as the wage rate. The two terms are sometimes used interchangeably.
Other frequently used terms include:
- wage = payment per unit of time (typically an hour)
- earnings = payment accrued over a period (typically a week, a month, or a year)
- total compensation = earnings + other benefits for labour
- income = total compensation + unearned income
- economic rent = total compensation - opportunity cost
Economists measure labour in terms of hours worked, total wages, or efficiency.
Types of labour
See also
- Economic rent
- Employment
- Human resources
- Labour economics
- Offshore outsourcing
- Profession
- Retirement
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