Labor economics seeks to understand the functioning and dynamics of the markets for labour. Labor markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labor services (workers), the demands of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income.

In economics, labor is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms.

Wage is a basic compensation for paid labor, and the compensation for labor per period of time is referred to as the wage rate. Other frequently used terms include:

Economists measure labor in terms of hours worked, total wages, or efficiency.

Edward Michael Balls, (born 25 February 1967) is a British Labour politician, who has been the Member of Parliament (MP) for Morley and Outwood since 2010, and is the current Shadow Chancellor of the Exchequer. From 2005 to 2010, he was the MP for Normanton and he served in the Cabinet from 2007 to 2010.

Balls is married to current Shadow Home Secretary and fellow Labour MP Yvette Cooper. In 2008 they were the first married couple to serve together in a British Cabinet.

Balls' father is the zoologist Michael Balls, criticised for campaigning against the grammar school system in Norfolk, then sending his son to fee-paying schools. Balls was born in Norwich and educated at Bawburgh Primary School in Norwich, Crossdale Drive Primary School in Nottinghamshire, and then the private all-boys Nottingham High School, where he played the violin. He went on to attend Keble College, Oxford, where he gained a First in Philosophy, Politics and Economics (graduating ahead of David Cameron), and later Harvard, where he was a Kennedy Scholar specialising in Economics.

Philip David Charles "Phil" Collins, LVO (born 30 January 1951) is an English singer-songwriter, drummer, pianist and actor best known as a drummer and vocalist for British progressive rock group Genesis and as a solo artist.

Collins sang the lead vocals on several chart hits in the United Kingdom and the United States between 1975 and 2010, either as a solo artist or with Genesis. His singles, sometimes dealing with lost love, ranged from the drum-heavy "In the Air Tonight", dance pop of "Sussudio", piano-driven "Against All Odds", to the political statements of "Another Day in Paradise".

Collins's professional music career began as a drummer, originally in a band called The Real Thing with Andrea Bertorelli, who later became his first wife. Collins played drums and shared lead vocals (with Brian Chatton) in Flaming Youth which recorded one album, (Ark II). In 1970, he took over drums for Genesis, which had already recorded two albums. In Genesis, Collins originally supplied backing vocals for front man Peter Gabriel, singing lead on only two songs: "For Absent Friends" from 1971's Nursery Cryme album and "More Fool Me" from Selling England by the Pound, which was released in 1973. Following Gabriel's departure in 1975, Collins became the group's lead singer.