In classicaleconomics and all micro-economics labour is one of three factors of production, the others being land and capital. It is a measure of the work done by human beings. There are macro-economic system 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 counterposing macro-economic system theories that think human capital is a contradiction in terms.
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Compensation and Measurement
The price of labour is called a wage, and the price of 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 per over a period (typically a week, a month, or a year)
A union (labor union in American English; trade union in British English and Australian English; either labour union or trade union in Canadian English) is an organisation formed by workers to practice collective bargaining.
Most labor unions in the United States are members of a larger umbrella organization, the AFL-CIO, or the American Federation of Labor-Congress of Industrial Organizations.
Unions for public sector workers are governed by labor laws and labor boards in each of the 50 states; in many states, typically those in the north, these laws and boards are modeled after the NLRA and the NLRB.
Labor opposes construction of new settlements and the expansion of existing settlements before the final status agreements are reached.
Labor seeks a comprehensive agreement with the Lebanese, providing for security arrangements in southern Lebanon which end terrorism and which guarantees peace and security for the residents of the region, as well as along Israel's northern border.
Labor maintains that government must act with social responsibility, recognizing that the provision of education, health and other social services, cannot be guaranteed by the market place.
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