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14 Cards in this Set
- Front
- Back
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Physical capital
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manufactured resources
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Human capital
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improvement in labour ex. Education
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Factor distribution of income
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is the division of total income of the economy among labour, land and capital
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Value of the marginal product
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the value of the additional output generated by one more worker
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Marginal benefit
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the additional benefit derived from one more unit of activity
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Value of the marginal product curve
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shows how the marginal product of that worker depends on the quantity of workers employed
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Equilibrium value of the marginal product
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the additional value produced by the last unit of that worker employed in the factor market as a whole.
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Marginal productivity theorem of income distribution
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every worker is paid its equilibrium value of the marginal product.
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Compensating differentials
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wage difference across jobs that reflect the desirability of the job.
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Efficiency-wage model
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employers might pay an above equilibrium wage as an incentive for better performance
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Leisure
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time available for purposes other than earning money, is a normal good
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Utility
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measure of satisfaction a consumer derives from the consumption of goods etc.
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Substitution effect
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consumer will want to use a cheaper substitute.
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Income effect
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if a consumer is receiving more income, will want to spend more
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