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factors of production
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the inputs used to produce goods and services
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production function
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the relationship between the quantity in inputs used to make a good and the quantity of inputs used to make a good and the quantity of output of that good
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marginal product of labor
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the increase in the amount of output from an additional unit of labor
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diminishing marginal product
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the property whereby the marginal product of an input declines as the quantity of the input increases
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value of the marginal product
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the marginal product of an input times the price of the output
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What causes the Labor-Supply curve to shift?
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Changes in Tastes
Changes in Alternative Opportunities
Immigration
Changes in Alternative Opportunities
Immigration
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capital
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the equipment and structures used to produce goods and services
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