Chapter 17: The supply of labour Flashcards

1
Q

Define non-pecuniary benefits

A

Benefits offered to workers by firms that are not financial in nature

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2
Q

Define transfer earnings

A

The minimum payment required to keep a factor of production in its present use

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3
Q

Define economic rent

A

A payment received by a factor of production over and above what would be needed to keep it in its present use

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