The compensation agreed upon by a master to be paid to a servant, or any other person hired to do work or business for him. In maritime law . The compensation allowed to seamen for their services on board a vessel during a voyage. In political economy. The reward paid, whether in money or goods, to human exer- tion, considered as a factor in the production of wealth, for its co-operation in the process. “Three factors contribute to the production of commodities ,
Black’s Law Online Dictionary
