Transfer Earnings and Economic Rent (Labour Markets)
- Levels: A Level, IB
- Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC
Earnings to the factor of production labour are made up of wages plus overtime pay, bonuses and commission. This short revision video looks at the difference between transfer earnings and economic rent.
Transfer earnings
The minimum reward required to keep factors of production, such as labour, in its current occupation.
Economic rent
Any amount earned by a factor of production, such as labour, above the minimum amount they require to work in a current occupation.
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