Listed below are 5 terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the correct term.
Definitions:
Resource Prices
The costs associated with the factors of production like labor, capital, land, and entrepreneurship used in the creation of goods or services.
Income Distribution
The way in which a nation's total earnings are divided among its population.
Marginal Revenue Product
The extra income created by using an additional unit of a production resource or input.
Price of Labor
The wages or compensation workers receive in exchange for their labor, determined by various factors including skill level, demand, and economic conditions.
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