________ is the skills and knowledge workers acquire through education, experience, and training that makes them more productive in the workforce.
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production function
A(n) ________ shows the amount of output that can be produced with different amounts of inputs.
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Profit=
Total Revenue - Total Cost
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Law of diminishing marginal product
is holding other inputs constant as additional units of an input are added to a production process, at some point increases in total production occur at a decreasing rate.
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Human capital
is the skills and knowledge workers acquire through education, experience, and training that makes them more productive in the workforce.
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The value of the marginal product of labour
the increase in total revenue earned when the firm hires an additional worker.
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