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
| Marginal factor cost (MFC) |
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Definition
| the additional cost of an additional unit of a resource |
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Term
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Definition
| a firm that is the only buyer of a resource |
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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 allocate the resource to another use |
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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 until, at some sufficiently high wage rate, the person chooses to work fewer hours |
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Term
| Compensating wage differentials |
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Definition
wage differences that make up for the higher risk or poorer working conditions of one job over another |
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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
the technological changes shifting emphasis away from manufacturing and toward high technology |
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Term
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Definition
| the developments in information processing and transmission |
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Term
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Definition
| the process in which one firm purchases services from another firm (rather than having the services performed in-house) |
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Term
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Definition
| the process in which one firm purchases services from another firm in another country (rather than having the services performed in-house) |
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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
| 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
different treatment of individuals because of their race, sex, color, religion, or national origin |
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Term
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Definition
an impact that differs according to race, sex, color, religion, or national origin, regardless of the motivation |
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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 and that people in jobs with comparable requirements should receive comparable wages |
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Term
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Definition
| the amount paid to shareholders on each share of stock owned |
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Term
| Market capitalization (market cap) |
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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 particular part of the world |
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Term
| Socially responsible fund |
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Definition
| a group of stocks or bonds of companies that meet specified requirements for ethical behavior or environmental behavior |
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Term
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Definition
| a 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
| a fee that you 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 the 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
| : the specified time at which the issuer of a bond will repay the 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
| the fixed amount that the issuer of a bond agrees to pay the bondholder each year |
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Term
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Definition
| a bond that provides no interest payments but is issued at a value 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 allocate the resource to another use |
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Term
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Definition
| a 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 replenished |
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