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