(See related pages)
Below are the key terms featured in this chapter. The textbook's full glossary is also available for online searching.
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| business's labour demand curve | a graph showing the possible combinations of workers demanded by a business at each possible wage (See page(s) 159) |
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| business's labour supply curve | a graph showing the possible combinations of workers supplied to a business at each possible wage (See page(s) 159) |
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| collateral | assets pledged by a borrower as security against a loan; these assets can be seized by the lender if the loan is not repaid (See page(s) 172) |
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| complementary resources | resources that are used together (See page(s) 162) |
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| craft union | a labour union of workers in a particular occupation (See page(s) 168) |
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| credit risk | the assessed likelihood of a borrower not repaying a loan (See page(s) 171) |
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| human capital | the income-earning potential of a person's skills and knowledge (See page(s) 165) |
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| industrial union | a labour union of workers in a certain industry, no matter what their occupations (See page(s) 167) |
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| interest | the payment to a lender by the borrower for use of money loaned (See page(s) 171) |
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| job discrimination | hiring, wage, and promotion decisions based on criteria other than a worker's credentials or performance (See page(s) 168) |
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| labour market demand curve | a graph showing the possible combinations of workers demanded in a certain labour market at each possible wage (See page(s) 160) |
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| labour market supply curve | a graph showing the possible combinations of workers supplying their labour in a certain labour market at each possible wage (See page(s) 160) |
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| labour productivity | the quantity of output produced per worker in a given period of time; the average product of labour (See page(s) 162) |
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| marginal productivity theory | the theory that businesses use resources on the basis of how much extra profit these resources provide (See page(s) 157) |
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| marginal resource cost | the extra cost of each additional unit of a resource (See page(s) 159) |
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| marginal revenue product | the change in total revenue associated with employing each new unit of a resource (See page(s) 159) |
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| principal | the amount of a loan, excluding interest (See page(s) 171) |
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| profit-maximizing employment rule | a business should use a resource up to the point where the resource's marginal revenue product equals its marginal resource cost (See page(s) 159) |
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| rent | the payment for use of a productive resource that is available only in a fixed amount (See page(s) 169) |
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| seniority rights | the workplace privileges provided to workers who have the longest experience with their employer (See page(s) 166) |
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| substitute resources | resources that can be used in place of one another without affecting output (See page(s) 162) |