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Why did the North enjoy a numerical advantage over the army of the South?
Signaling
An action taken by an informed party to reveal private information to an uninformed party, often seen in job markets and education.
Compensation Scheme
A plan or system used to determine how to compensate or reward employees for their work, including wages, benefits, bonuses, and other forms of payment.
Efficiency Wage
A salary set by employers above the market equilibrium to increase productivity, attract high-quality employees, or reduce turnover.
Minimum Wage
The lowest legal salary that employers can pay their workers; the rate is set by law or agreement in order to protect workers from exploitation.
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