Labour (economics)
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In classical economics and all micro-economics labour is one of three factors of production, the others being land and capital. 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 |
Compensation and Measurement
The price of labour is called a wage, and the price of 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 per over a period (typically a week, a month, or a year)
- total compensation = earnings + benefits
- 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
- brain worker
- free-work
- manual labour
- slavery
- volunteer
See also
de:Arbeit_(Ökonomie) fr:Travail nl:Arbeid (economie)
