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physical capital
manufactured goods like tools, machines, equipment
derived demand
demand from demand of output being produced
marginal revenue product curve
shows how MR of product of a factor depends on the quantity of the factor employed
leisure
time available for purposes other than earning money to buy marketed goods and services
marginal factor cost
additional cost of employing an additional unit of a factor of production
economic rent
payment to a factor of production that exceeds the minimum amount necessary to keep it in its current use
human capital
improvement in labor by education and knowledge in the workforce
marginal revenue product
additional revenue by employing one more unit of that factor
rental rate
cost, explicit or implicit, of using a unit of that asset for a given period of time
individual labor supply curve
shows how quantity of labor supplied by an individual depends on the wage rate
equilibrium marginal revenue product
additional revenue from last unit of that factor employed in the factor market as whole
cost minimization rule
employ factors so that marginal product per dollar spent on each factor is the same
monopsonist
a single buyer in a factor market
monopsony
a market with a monopsonist
Note 
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