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During what period did innovations in technology and business bring Europe into a new merchant capitalist economy?
Unit of Labor
A measurement used to represent an hour of work or effort by a worker or laborer.
Wage Rate
The amount of money paid to an employee for a specified quantity of work, often expressed per hour or year.
Marginal Revenue Product
The extra income produced by the use of an additional unit of a resource, for example, labor or capital.
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