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7 Cards in this Set
- Front
- Back
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full price
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the price of a product plus the value of the time spent shopping for and actually consuming the product
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marginal (physical) product of labor
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the additional output produced by each additional unit of labor
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value of labor's marginal product
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the marginal revenue from hiring an additional unit of labor in a competitive labor market, equal to the marginal(physical) product of labor times the price of the good or service that the labor is producing
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equalizing wage differential
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a difference in the wages for different jobs that just compensates workers for the relative attractiveness of the jobs
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economic rent
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the difference between the wage a worker receives and the wage required to attract the worker to the job, the reservation wage
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derived demand
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principles that the demand for labor depends in part on the market for the product that the workers are producing; the higher the price of the product, the higher the wages, other thing equal
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minimum wage (federal)
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a wage floor legislated by the federal government, which is the lowest wage that firms can pay their workers
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