Examlex
Parity pricing refers to the relative price of farm products to nonfarm products in the period
Average Product
The output per unit of input, calculated by dividing total product by the quantity of input.
Factor of Production
Resources used in the creation of goods and services, which include land, labor, capital, and entrepreneurship.
Total Income
The full amount of income received by an individual or a country, including wages, salaries, benefits, and income from investments before any deductions.
Marginal Product
Marginal product is the addition to total output produced by using one more unit of a specific input, holding all other inputs constant.
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