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physical capital
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often referred to simply as "capital"—consists of manufactured productive resources such as equipment, buildings, tools, and machines
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human capital
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the improvement in labor created by education and knowledge that is embodied in the workforce
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derived demand
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demand for the factor is derived from the firm's output choice
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factor distribution of income
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the division of total income among labor, land, and capital
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value of the marginal product
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the value of the additional output generated by employing one more unit of that factor
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value of the marginal product curve
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shows how the value of the marginal product of that factor depends on the quantity of the factor employed
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compensating differential
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wage differences across jobs that reflect the fact that some jobs are less pleasant than others
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unions
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organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively with employers
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efficiency wages
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a type of incentive scheme used by employers to motivate workers to work hard and to reduce worker turnover
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time allocation
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how many hours to spend on different activities
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leisure
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time available for purposes other than earning money to buy marketed goods
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individual labor supply curve
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shows how the quantity of labor supplied by an individual depends on that individual's wage rate
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marginal productivity theory of income distribution
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according to which each factor is paid the value of the marginal product of the last unit of that factor employed in the factor market as a whole
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