In economics, labour (or labor) is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are 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 counter posing macro-economic system theories that think human capital is a contradiction in terms. 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 l