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Compensating Differentials
Wage differentials that arise to compensate workers for the desirability or undesirability of a job, its demands, or other non-monetary aspects.
Human Capital
The collective skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value to an organization or country.
Equilibrium Wage
The compensation level at which labor supply meets labor demand.
Economic Profit
Total revenue minus total cost, including both explicit and implicit costs.
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