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Match the Terms with Their Correct Meanings

question 56

Multiple Choice

Match the terms with their correct meanings.
-Scraping away of skin (to remove tattoos or fine wrinkles)


Definitions:

Variable Factor

An input in production that can be varied in the short term, such as labor or raw materials, in contrast to fixed factors like machinery or land.

Factor Of Production

An input used in the production of goods or services in order to make an economic profit. The primary factors include land, labor, capital, and entrepreneurship.

Marginal Revenue Product

The increased earnings resulting from the utilization of one more unit of an input or resource in production.

Market Wage

The prevailing pay rate for work of a specific nature in a particular geographic area, determined by the supply and demand for labor.

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