Term
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Definition
| The demand for a factor of production that is derived from the demand for the good the factor produces. |
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Term
| Marginal product of labor |
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Definition
| The additional output a firm produces as a result of hiring one more worker. |
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Term
| Marginal revenue product of labor (MRP) |
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Definition
| The change in a firm's revenue as a result of hiring one more worker. |
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Term
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Definition
| The accumulated training and skills that workers possess. |
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Term
| Compensating differentials |
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Definition
| Higher wages that compensate workers for unpleasant aspects of a job. |
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Term
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Definition
| Paying a person a lower wage or excluding a person from an occupation on the basis of an irrelevant characteristic such as race or gender. |
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Term
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Definition
| An organization of employees that has the legal right to bargain with employers about wages and working conditions. |
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Term
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Definition
| The application of economic analysis to human resources issues. |
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Term
| Economic rent (pure rent) |
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Definition
| The price of a factor of production that is in fixed supply. |
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Term
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Definition
| The sole buyer of a factor of production. |
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Term
| Marginal productivity theory of income distribution |
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Definition
| The theory that the distribution of income is determined by the marginal productivity of the factors of production that individuals own. |
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