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Marginal Productivity Theory
An economic theory proposing that input costs, such as wages, are determined by the additional output produced by the last unit of input used.
Resource Markets
Economic markets where the inputs for the production process (e.g., labor, land, capital) are bought and sold, determining factor prices based on supply and demand.
Income Distribution
How a nation’s total GDP is distributed amongst its population.
ATMs
Automated Teller Machines that allow customers to undertake financial transactions, notably cash withdrawals, without the need for a human clerk or bank teller.
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