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Marginal Productivity Theory
An economic principle stating that the addition of a unit of labor or capital increases output to a point, but eventually, additional units will add less output.
Marginal Productivity Theory
An economic theory suggesting that the wage or value of a worker's labor is equal to the additional output generated by employing one more unit of labor.
Income Distribution
Describes how a nation’s total GDP is spread among its population, affecting the economic health and inequality levels within society.
Compensating Wage Differences
Differences in the wages received by workers in different jobs to compensate for the nonmonetary differences between the jobs.
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