Term
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Definition
| a market that provides one of the resources for producing goods and services: labor, capital, and land |
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Term
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Definition
| demand stemming from what a resource can produce, not demand for the resource itself |
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Term
Marginal revenue product
MRP |
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Definition
| the additional revenue that an additional resource can create for a firm |
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Term
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Definition
| the additional cost of an additional unit of a resource |
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Term
| Resources will be employed up to the point at which |
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Definition
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Term
| A firm buying in a perfectly competitive resources market will pay |
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Definition
| the marginal revenue product |
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Term
| A monopsonistic firm will pay less than the |
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Definition
| marginal revenue product. |
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Term
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Definition
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Term
| Perfectly competitive market |
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Definition
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Term
| Not perfectly competitive |
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Definition
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Term
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Definition
| the portion of earning above transfer earnings |
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Term
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Definition
| the amount that must be paid to a resource owner to get him or her to allocate the resource to another use |
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Term
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Definition
| quantity of land is fixed- payment of land is economic rent |
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Term
| Backward- bending labor supply curve |
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Definition
| a labor supply curve indicating that a person is willing and able to work more hours as the wage rate increases. |
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Term
| Intersection of labor demand and labor supply curves determines |
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Definition
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Term
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Definition
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Term
| Examples of investments in human capital include |
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Definition
| vocational schools or college |
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Term
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Definition
| skills and training acquired through education and on-the-job training |
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Term
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Definition
| refers to the technological developments that took place in the 1990s |
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Term
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Definition
| developments in information processing and transmission |
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Term
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Definition
| when a firm purchases services from another firm in the country |
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Term
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Definition
| a firm purchases servcies from another firm in another country |
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Term
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Definition
| prejudice that occurs when factors unrelated to marginal revenue product affect the wages or jobs that are obtained |
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Term
| Statistical discrimination |
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Definition
| discrimination that results when an indicator of group performance is incorrectly applied to an individual member of the group |
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Term
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Definition
| forcing members of a group into certain kinds of occupations |
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Term
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Definition
| the separation of jobs by sex |
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Term
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Definition
| the idea that pay ought to be determined by job characteristics rather than by supply and demand |
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Term
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Definition
| amount paid to shareholders on each share of stock owned |
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Term
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Definition
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Term
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Definition
current stock price
earnings per share |
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Term
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Definition
| the stock price multiplied by the number of shares of stock that are outstanding |
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Term
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Definition
| an investment tool that aggregates many different individual stocks into one entity |
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Term
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Definition
| a mutual fund that includes international investments |
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Term
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Definition
| a mutual fund that focuses on a particular industry or a partiular part of the world |
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Term
| Socially responsible funds |
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Definition
| invest only in companies that meet certain criteria |
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Term
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Definition
| mutual fund that tries to match the performance of a broad market index |
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Term
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Definition
| the fees paid to the manager of a mutual fund |
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Term
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Definition
| fee you must pay when you purchase a mutual fund |
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Term
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Definition
| a fee that you pay if you sell a mutual fund within a certain time frame |
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Term
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Definition
| a mutual fund that sells its shares without a commission or sales charge |
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Term
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Definition
| a stock that has the same features, such as risk, and liquidity, as he one that buyers and sellers are evaluating |
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Term
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Definition
| an IOU issued by a borrower to a lender |
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Term
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Definition
| specified time at which the borrower will repay your loan |
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Term
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Definition
| amount that the lender will be repaid when a bond matures |
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Term
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Definition
| borrower pays the lender a fixed amount |
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Term
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Definition
| bond that provides no interest payments but instead is issued at a value that is lower than its face value |
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Term
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Definition
| the portion of earnings above transfer earnings |
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Term
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Definition
| the amount that must be paid to a resource owner to get him or her to allocae the resource to another use |
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Term
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Definition
| situation in which the price of an asset is being bid up through speculation or gambling rather than because of the value of the services the asset returns |
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Term
| Nonrenewable (exhaustible) natural resources |
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Definition
| natural resources whose supply is fixed |
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Term
| Renewable (nonexhaustible) natural resources |
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Definition
| natural resources whose supply can be replentished |
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