When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?

Assessment: JAMB UTME - Economics - 1999 Subject: Economics

Question 1 Report

When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?
Answer Details
The excess income earned by a worker over and above the minimum wage required to keep him in his current job is called "economic rent". This means that the worker is earning a premium over and above what is necessary to keep him in his current job, and is essentially receiving a reward for his unique skills, abilities, or resources that are in high demand. Economic rent is a key concept in economics, particularly in the study of labor markets and income distribution.
Read lesson note on Market Structure (JAMB)
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