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What Is a Step Value

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What is a step value?


Definitions:

Labor

Human effort, both physical and mental, used in the production of goods and services.

Efficiency Wage

A higher-than-market wage that a firm pays to increase worker productivity.

Marginal Productivity

The additional output that can be produced by adding one more unit of a specific input, holding all other inputs constant.

Incentive

Something that induces a person to act

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