Cards in this guide (23)
What is the distinction between marginal revenue product and marginal revenue
I'm thinking that marginal revenue product is the marginal
revenue on one product, and marginal revenue is the marginal
revenue on the whole firm sales...
I'm wondering the same thing but the above response is
incorrect. both terms imply values on one item as indicated by the
"marginal"
What is considered public service jobs
what jobs are considered public service
What describes the relationship between human capital and productivity
Increased human capital leads to increased productivity.
Which of these is sometimes included as a fourth factor of production
What labor work thingsof nature into tangible products what are the products called
What kinds of things could be considered capital resources
Buildings are considered capital. Cash and vehicles are not
considered capital.
What term is sometimes used to refer to factors of production
What is considered the passive factor in production
Which of these fourth factors of production is considered the knowledge cultural values and ideas that help the economy grow
How does a firm know when it can afford to hire more workers
if the MRP is greater than a firms MC
Which term refers to the cost a firm incurs for labor
Which term refers to the cost a firm incurs for capital goods
Which is classified as working capital
What defines the term labor as a factor of production
Labor is the human effort provided in the creation of products
and services.
What does the demand for labor contribute to
Demand for labor contributes to how much wages should be
What is the fourth factors of production measures the qualifications of a worker
What is economic rent
the payment for the right to use land
A firm will only employ additional workers to which point
to the point where MRP=MC
Items such as machinery buildings and other goods that are designed to increase the production potential of the economy are classified into which of these categories
Is not a factor in wage variance between different occupations
What is Considered one of the primary factors of production plus
Which of these would not be considered intellectual capital
Which of these defines the term financial capital
the amount of money a firm or individual has invested in a business
