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Specialization decreases total world output.
Marginal Revenue Product
Marginal Revenue Product measures the increase in revenue realized from employing one additional unit of input, such as labor or capital, holding all other inputs constant.
Total Revenue Product
The total revenue product is the total revenue generated by a factor of production, such as labor or capital, based on its marginal product and the price of the goods or services produced.
MRP
Marginal Revenue Product, the additional revenue generated from employing one more unit of a resource.
Capital
Resources made and used to produce goods and services, including tools, equipment, machinery, and buildings.
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