Examlex
The main message of the text's heredity environment discussion is that:
Median Earnings
The middle value of earnings in a given distribution, with an equal number of persons earning more and less than this value.
Efficiency-wage Model
A theory suggesting that higher wages can lead to increased productivity by attracting better workers and motivating them to work harder.
Marginal Productivity
The additional output generated by employing one more unit of a particular input, holding other inputs constant.
Diminishing-returns Theory
The principle that says that if one factor of production is increased while others are held constant, the incremental output will eventually decrease.
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