The money paid per hour or week for work done is known as

The money paid per hour or week for work done is known as wage rate. It refers to the amount of money paid to an employee for the work they have completed during a specified time period. The wage rate is usually based on the amount of time worked and can be paid on an hourly, daily, or weekly basis. Wage rate is an important concept in employment and labor economics because it is a key factor in determining the cost of labor for businesses. It is also an important factor in determining the standard of living of workers, as their wages directly affect their purchasing power and ability to afford basic needs.