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Why is Herodotus considered the first Western historian? Is there any significant difference between his work and that of Thucydides?
Nonlabor Resources
Inputs in production that do not involve human labor, such as capital, land, and natural resources.
Marginal Product
The additional output produced as a result of adding one more unit of a specific input, holding other inputs constant.
Total Product
The total output or production achieved by a firm with a given amount of resources.
Average Product
The output per unit of input, calculated by dividing the total product by the quantity of input, reflecting the efficiency of production.
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