across two jobs to compensate the factor for differences in non-monetary
aspects of the two jobs.
transfer earnings
The minimum payment required by a factor in order to prevent it from
leaving its current use.
economic rent
The excess of total earnings over the minimum necessary to prevent a
factor from moving to another use.
human capital
The acquired skills that individuals have, usually from formal education
or on-the-job training.
labour union
An association authorized to represent workers in bargaining with
employers.
monopsony
A market structure in which there is a single buyer.
minimum wages
Legally specified minimum rate of pay for labour.
collective bargaining
The process by which unions and employers arrive at and enforce