Term
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Definition
inputs used to proudce a good or service
-land
-labor
-capital |
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Term
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Definition
| demand for inputs linked to supply of outputs |
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Term
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Definition
| Relationship between number of inputs and number of outputs |
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Term
| Marginal Product of Labor |
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Definition
| the increase in the amount of output from an additional unit of labor |
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Term
| Value of the Marginal Product |
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Definition
the marginal product of an input times the price of output
P x Marginal Product |
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Term
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Definition
The equipment and structures used to produce gods and services
things used for production |
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Term
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Definition
| price owner pays to own a factor of production |
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Term
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Definition
| price paid to use for a limited period of time |
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