derived demand  demand stemming from what a good or service can produce, not demand for the good or service itself
economic rent  the portion of earnings above transfer earnings; the payment for use of a resource whose supply is fixed
marginal factor cost (MFC)  the additional cost of an additional unit of a resource
marginal revenue product(MRP)  the value of the additional output that an extra unit of a resource can produce, MPP 3 MR
monopsonist  a firm that is the only buyer of a resource
transfer earnings  the portion of total earnings required to keep a resource in its current use