Examlex
Explain what is meant by the terms "labor force," "unemployment rate," and "labor force participation rate."
Marginal Product
The additional output that results from the use of one more unit of a production input, holding all other inputs constant.
Nonlabor Resources
Inputs used in the production of goods and services that do not involve human labor, such as capital, land, and natural resources.
Average Product
The output per unit of input, such as labor or capital, calculated by dividing total production by the number of input units.
Nonlabor Resources
Assets or inputs in production that are not related to direct human labor, such as machinery, raw materials, and land.
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