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MRP
An acronym for Material Requirements Planning, a system used for production planning and inventory control, or alternatively for Marginal Revenue Product, the extra revenue generated from employing one more unit of a resource.
Wage Rate
The fixed amount of compensation paid to employees for their labor, typically expressed as a rate per hour.
Derived Demand
Defines the demand for a good or service that results from the demand for another good or service.
Equilibrium Wage
The wage rate at which the quantity of labor supplied equals the quantity of labor demanded.
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