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markets for factors

chapter 17

TermDefinition
Quasi-rent Economic rent earned by a factor of production in the short run which will disappear in the long run once the supply of the factor is increased
Rent of availability A very high economic rent that is earned by a supplier of labour or an entrepreneur who posses very rare talents or abilities
specific factor a specific factor of production is one that can be used for only one purpose
supply price we can define the supply price of a factor of production as the minimum payment necessary to bring that factor into its present use and maintain it in that use
Transfer earnings we can define the transfer earnings of a factor of production as the earnings that the would receive in its next most highly paid alternative employment
Created by: jmartineconomics
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