term:

Wage

wage n

1 : a payment usually of money for labor or services usually according to a contract and on an hourly, daily, or piecework basis often used in pl.
2
pl

: the share of the national product attributable to labor as a factor in production

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.