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Factor Market
The factor market is the marketplace for the services of factors of production (labor, capital, land, and entrepreneurship) where these services are bought and sold.
Marginal Product
The increase in output that results from employing one more unit of a production factor, holding all other factors constant.
Income Distribution
How a nation’s total GDP is distributed amongst its population.
Income Effect
Refers to the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
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