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6 Cards in this Set
- Front
- Back
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Factors of production
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The four types of resources used in the production process; land, labor, capital, enterprise
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Income
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a flow of financial returns to factors of production including wages, profit and rent
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Real Wage
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the payment for labor adjusted for inflation
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wage
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the payment for labor
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GDP per capita
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a measure of real output in the economy in one year per head of the population
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Nominal
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the value of an economic variable that has not been adjusted for the effects of inflation
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