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5 Cards in this Set
- Front
- Back
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Factors of Production
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Labor, capital, natural resources, and other inputs used to produce goods and services
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Derived demand
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the demand for a factor of production; it depends on the demand for the good the factor produces
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Marginal product of Labor
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The additional output a firm produces as a result of hiring one more worker
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Marginal revenue product of labor
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the change in a firm's revenue as a result of hiring one more worker
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Human capital
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the accumulated training and skills that workers possess
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