Tag: wage

economic rent

Economic rent is the extra income a worker earns above their transfer earnings. Transfer earnings represent the minimum

Transfer earnings represent the minimum amount a worker must be paid in their current job to prevent them

Wage differentials refer to the differences in pay between workers, groups, or different types of jobs. These gaps

A monopsony occurs when there is only a single buyer in a market. In a labour market, a

A national minimum wage (NMW) is the lowest hourly pay rate that employers are legally required to pay

A trade union is an organized group of workers who join together to protect and improve their rights

The equilibrium wage rate (W*) is the specific wage level where the number of workers employers want to

In a perfectly competitive labour market, wages are set by the interaction of labour demand and labour supply.

A movement along the labour supply curve happens only when the wage rate changes. This change leads to

A shift in the labour supply curve happens when the amount of labour workers are willing and able