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20 Cards in this Set
- Front
- Back
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Resource Markets
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Markets in which business firms demand factors of production. (Ex: labor, capital, and natural resources) from household suppliers.
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Nonhuman Resources
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The durable, nonhuman inputs used to produce both current and future output. Ex: Machines, buildings, land, and raw materials.
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Human resources
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The abilities, skills, and health of human beings that contribute to the production of both current and future output.
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Investment in Human Capital
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Expenditure on training, education, skill development, and health designed to increase human capital and people's productivity.
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Derived Demand
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the demand for a resource; it stems from the demand for the final good the resource helps produce.
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Marginal Revenue Product
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The change in total revenue of a firm that results from the employment of one additional unit of a resource.
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Marginal Product
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The change in total output that results from the employment of one additional unit of a resource.
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Marginal Revenue
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The change in a firms total revenue that results from the production and sale of one additional unit of output.
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Value Marginal Product
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The marginal product of a resource multiplied by the selling price of the product it helps produce.
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Resource Mobility
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The ease with which factors of production are able to move among alternative uses.
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Fringe Benefits
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Benefits other than normal money wages that are supplied to employees in exchange for their labor services.
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Real Earnings
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Earnings adjusted for differences in the general level of prices across time periods or geographic areas.
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Tournament Pay
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A form of compensation in which the top performer/performers receives much higher rewards than do other competitors, even if the others perform at only a slightly lower level.
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Employment Discrimination
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Unequal treatment of people on the basis of their race, gender, or religion, restricting their employment and earnings opportunity compared with others of similar productivity.
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Nonpecuniary Job Characteristics
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Working conditions, prestige, variety, location, employee freedom and responsibilities, and other nonwage characteristics of a job that influence how employees evaluate the job.
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Compensating Wage Differentials
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Wage differences that compensate workers for risk, unpleasant working conditions, and other undesirable nonpecuniary aspects of a job.
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Automation
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A production technique that reduces the amount of labor required to produce a good or service.
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Capital
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Resources that enhance our ability to produce output in the future.
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Investment
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The purchase, construction, or development of capital resources, including both nonhuman and human capital.
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Saving
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Current income that is not spent on consumption goods.
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