Microeconomics Chapter 19 Vocab - Custom Scholars
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Microeconomics Chapter 19 Vocab

question
physical capital
answer
often referred to simply as "capital"—consists of manufactured productive resources such as equipment, buildings, tools, and machines
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human capital
answer
the improvement in labor created by education and knowledge that is embodied in the workforce
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derived demand
answer
demand for the factor is derived from the firm's output choice
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factor distribution of income
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the division of total income among labor, land, and capital
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value of the marginal product
answer
the value of the additional output generated by employing one more unit of that factor
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value of the marginal product curve
answer
shows how the value of the marginal product of that factor depends on the quantity of the factor employed
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compensating differential
answer
wage differences across jobs that reflect the fact that some jobs are less pleasant than others
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unions
answer
organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively with employers
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efficiency wages
answer
a type of incentive scheme used by employers to motivate workers to work hard and to reduce worker turnover
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time allocation
answer
how many hours to spend on different activities
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leisure
answer
time available for purposes other than earning money to buy marketed goods
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individual labor supply curve
answer
shows how the quantity of labor supplied by an individual depends on that individual's wage rate
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marginal productivity theory of income distribution
answer
according to which each factor is paid the value of the marginal product of the last unit of that factor employed in the factor market as a whole
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question
physical capital
answer
often referred to simply as "capital"—consists of manufactured productive resources such as equipment, buildings, tools, and machines
question
human capital
answer
the improvement in labor created by education and knowledge that is embodied in the workforce
question
derived demand
answer
demand for the factor is derived from the firm's output choice
question
factor distribution of income
answer
the division of total income among labor, land, and capital
question
value of the marginal product
answer
the value of the additional output generated by employing one more unit of that factor
question
value of the marginal product curve
answer
shows how the value of the marginal product of that factor depends on the quantity of the factor employed
question
compensating differential
answer
wage differences across jobs that reflect the fact that some jobs are less pleasant than others
question
unions
answer
organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively with employers
question
efficiency wages
answer
a type of incentive scheme used by employers to motivate workers to work hard and to reduce worker turnover
question
time allocation
answer
how many hours to spend on different activities
question
leisure
answer
time available for purposes other than earning money to buy marketed goods
question
individual labor supply curve
answer
shows how the quantity of labor supplied by an individual depends on that individual's wage rate
question
marginal productivity theory of income distribution
answer
according to which each factor is paid the value of the marginal product of the last unit of that factor employed in the factor market as a whole
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