(See related pages)
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| bilateral monopoly | A market in which there is a single seller (monopoly) and a single buyer (monopsony). (See page(s) p. 302) |
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| compensating differences | Differences in the wages received by workers in different jobs to compensate for nonmonetary differences in the jobs. (See page(s) p. 307) |
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| exclusive unionism | The practice of a labour union of restricting the supply of skilled union labour to increase the wages received by union members. (See page(s) p. 300) |
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| human capital | Any expenditure to improve the education, skills, health, or mobility of workers, with an expectation of greater productivity and thus a positive return on the investment. (See page(s) p. 305) |
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| incentive pay plan | A compensation structure, such as piece rates, bonuses, stock options, commissions, and profit sharing, that ties worker pay directly to performance. (See page(s) p. 309) |
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| inclusive unionism | The practice of a labour union of including as members all workers employed in an industry. (See page(s) p. 300) |
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| marginal revenue productivity | How much workers contribute to their employers' revenue; usually reflected in their pay level. (See page(s) p. 305) |
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| minimum wage | The lowest wage employers may legally pay for an hour of work. (See page(s) p. 303) |
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| monopsony | A market structure in which there is only a single buyer. (See page(s) p. 295) |
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| nominal wage | The amount of money received by a worker per unit of time (hour, day, etc.). (See page(s) p. 290) |
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| noncompeting groups | Collections of workers in the economy who do not compete with each other for employment because the skill and training of the workers in one group are substantially different from those in other groups. (See page(s) p. 305) |
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| occupational licensing | The laws of provincial or municipal governments that require a worker to satisfy certain specified requirements and obtain a licence from a licensing board before engaging in a particular occupation. (See page(s) p. 300) |
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| perfectly competitive labour market | A factor market in which a large number of firms demand a particular type of labour supplied by a large number of nonunion workers. (See page(s) p. 292) |
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| real wage | The amount of goods and services a worker can purchase with a nominal wage. (See page(s) p. 290) |
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| wage differentials | The difference between the wage received by one worker or group of workers and that received by another worker or group of workers. (See page(s) p. 304) |
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| wage rate | A price paid per unit of labour services. (See page(s) p. 290) |