Wages

Wages are payments workers receive in exchange for their labor, commonly calculated by time worked or units produced.

Hourly wage: Pay calculated for each hour worked. It makes compensation depend directly on recorded working time.
Labor: Human effort, physical or mental, used to produce goods or provide services. Wages compensate labor supplied in production and service work.
Labor market: The system through which workers offer labor and employers seek to hire them. Wage levels help balance employer demand with workers' willingness to work.
Marginal productivity theory: The theory that a worker's pay reflects the value of the additional output the worker produces. It explains wages through employers' valuation of workers' additional production.
Piece rate: Pay based on the number of units produced or tasks completed. It ties earnings to measurable output rather than hours alone.
Employment contract: An agreement establishing the terms under which a person works for an employer. Its terms can specify pay rates, schedules, and payment conditions.
Household income: The combined income received by members of a household. Wages often provide a substantial share of household resources.
Monopsony: A market with one dominant buyer, or a small number of buyers, of a particular good or service. Employer power in labor markets can hold wages below workers' competitive value.
Minimum wage: The lowest pay rate employers may legally provide for covered work. It sets a legal floor beneath many wage agreements.
Gross income: Income before deductions such as taxes and employee contributions. Gross wages are one component of income before deductions.

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