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Talk about: asylum movement
Factor of Production
Inputs used in the production of goods or services to make an economic profit, including land, labor, capital, and entrepreneurship.
Perfectly Competitive
A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information, leading to firms being price takers.
Equilibrium Wage
The pay rate where the amount of labor provided is equal to the amount of labor required.
Marginal Product
The additional output resulting from the use of one more unit of a variable input, such as labor or capital.
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