Examlex
Describe the variation that exists among nonindustrial societies in their organization of labor by age.
Marginal Productivity
Refers to the increase in output that arises from an additional unit of input, assuming all other factors of production remain constant.
Marginal Productivity Theory
An economic theory suggesting that payment to factors of production equates to their marginal contribution to the output.
Value Added
The increase in the value of a product or service as a result of a particular process, typically measured as the difference between the cost of inputs and the price it's sold for.
Profit-Maximizing
A strategy or point whereby a firm selects the output level at which its profits are at their highest.
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