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AQA Economics Unit 3 Chapter 8: Wage determination
Key definitions
10
Economics
12th Grade
05/22/2014

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Term
Economic rent
Definition
The payment received by a factor of production over and above that which is needed to keep it in its present occupation.
Term
Transfer earnings
Definition
The minimum payment needed to keep a factor of production in its present use.
Term
Trade union
Definition
An organisation of workers who join together to further their own interests.
Term
Trade union mark-up
Definition
The addition to wages secured by members of a trade union, compared to what they would earn if there were no union.
Term
Monopsonist
Definition
A single, dominant buyer.
Term
Wage differentials
Definition
Differences in wages arising between individuals, occupations, industries, firms and regions.
Term
Discrimination
Definition
Where groups of workers are treated differently to other workers in the same job regarding pay and employment.
Term
Labour market failure
Definition
Where the free market fails to achieve an efficient allocation of resources in the labour market.
Term
Negative discrimination
Definition
When a group of workers is treated less favourably than others.
Term
Positive discrimination
Definition
When a group of workers are treated more favourably than others.
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