wages and salaries Factor payments for the services that labor provides. Wages are hourly-based payments while salaries cover a longer time period such as a week. Related Related Articles: Glossary: factor marketGlossary: national income (NI)How Do U.S. Jobs Markets Compare to Other Countries?Why Job Switchers Love Labor MarketsShould We Worry About Robots? Ann Mills Share This Previous Articletight money No Newer Articles December 17, 2020