Final answer:
Wage labor refers to a system of payment where workers are paid a fixed amount regardless of the conditions or outcomes in the production process.
Step-by-step explanation:
The system of payment whereby workers are paid a set amount of money not tied to the quality of raw materials, accidents, or the exigencies in the production process is known as wage labor. This is a common form of compensation in many industries, where workers receive a fixed wage or salary regardless of the specific conditions or outcomes of their work. An example of this would be a factory worker who is paid a set hourly wage, regardless of the amount or quality of products they produce.