Define the Following Terms and Explain Their Importance to the Study

question 180

Essay

Define the following terms and explain their importance to the study of economics.
a. Principle of marginal productivity
b. Marginal physical product
c. Marginal revenue product
d. Derived demand
e. Economic rent

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Definitions:

Multiculturalism

The co-existence of diverse cultures, where culture includes racial, religious, or cultural groups and is manifested in customary behaviors, cultural assumptions, and values, patterns of thinking, and communicative styles.

Communism

A political and economic ideology advocating for a classless society in which the means of production are owned and controlled by the community as a whole.

Consumerism

A social and economic order that encourages the purchase of goods and services in ever-greater amounts.

Cultural Diffusion

The spread of cultural beliefs and social activities from one group to another, blending and integrating different cultural practices.