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Writing total output as Q, change in output as △Q, total labor employment as L, and change in labor employment as △L, the marginal product of labor can be written algebraically as:
Resources Are Scarce
The economic principle that the amounts of natural resources, goods, and services available are limited in relation to the desires and needs of people.
Households
The basic economic unit of a society, typically consisting of people living together in the same dwelling.
Societies
Groups of individuals who share a common culture, institutions, or identity, often living together within a defined geographical area.
Economics
The social science that studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their needs and wants.
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