Examlex
A redundant part or component increases reliability because it is connected in parallel, not in series.
Marginal Productivity
The additional output generated by employing one more unit of a particular input, holding other inputs constant.
Diminishing-returns Theory
The principle that says that if one factor of production is increased while others are held constant, the incremental output will eventually decrease.
Wage Disparity
The difference in wages earned by different groups of workers, often arising from factors such as occupation, education, experience, or gender.
Talent and Ability
The natural aptitude or acquired skills possessed by individuals that enable them to perform certain tasks or excel in certain fields.
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