Chapter 18

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Author:
Ruth5151
ID:
19845
Filename:
Chapter 18
Updated:
2010-05-18 22:51:06
Tags:
Economics Mankiw
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Description:
A.P. Economics textbook, Chapter 18 vocabulary
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  1. factors of production
    the inputs used to produce goods and services
  2. production function
    the relationship between the quantity of inputs used to make a good and the quantity of output of that good
  3. marginal product of labor
    the increase in the amount of output form an additional unit of labor
  4. diminishing marginal product
    the property whereby the marginal product of an input declines as the quantity of the input increases
  5. value of the marginal product
    the marginal product of an input times the price of the output
  6. capital
    the equipment and structures used to produce goods and services

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