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Chapter 18
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factors of production
the inputs used to produce goods and services
production function
the relationship between the quantity of inputs used to make a good and the quantity of output of that good
marginal product of labor
the increase in the amount of output form an additional unit of labor
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
value of the marginal product
the marginal product of an input times the price of the output
capital
the equipment and structures used to produce goods and services
Author
Ruth5151
ID
19845
Card Set
Chapter 18
Description
A.P. Economics textbook, Chapter 18 vocabulary
Updated
2010-05-19T02:51:06Z
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