Topic summary
Wage labor
Extracted from the Wikipedia article Wage labour.
Wage labour (also wage labor in American English), usually referred to as paid work, paid employment, or paid labour, refers to the socioeconomic relationship between a worker and an employer in which the worker works for a set amount of money under a formal or informal employment contract. These transactions usually occur in a labour market where wages or salaries are market-determined. Wage labor is a service in standard economic theory.