AP Microeconomics Unit 5

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Factors of Production

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13 Terms

1

Factors of Production

land, labor, and physical capital

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2

Interest

payment for physical capital

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3

Production Function

relationship between labor quantity and output

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4

Law of Diminishing Marginal Returns

increasing, decreasing, negative marginal product phases

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5

Marginal Revenue Product (MRP)

MRP = Marginal Revenue × Marginal Product

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6

Firm's Demand for Labor

quantity of labor a firm hires at a wage rate

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7

Market Demand for Labor

sum of each firm's marginal revenue product

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8

Market Supply of Labor

quantity of labor households supply at a wage rate

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9

Equilibrium Wage and Quantity

point where supply and demand curves intersect

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10

Firms in Perfectly Competitive Factor Markets

many buyers, market sets wage

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11

Marginal Resource Cost (MRC)

cost to hire one more worker

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12

Monopsony

market with one buyer of a resource

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13

Least Cost Combinations of Resources

finding optimal resource combination

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