Wage

Definition

Wage can be viewed as the economic rent of labor as a factor of production.

Equivalently, it is the amount that is paid to acquire a unit labor (i.e., one worker) for a specified quantity of work. Typically, the quantity is measured in units of time, so the wage is the amount of money paid to a single worker to work for a unit length of time. For instance, hourly wage refers to the wage per hour of actual work done.