Asked by Andro Meikhaeil on Jun 19, 2024
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Differences in talent and ability of workers resulting in differences in their wages is consistent with the marginal productivity theory of income distribution.
Human Capital
Human capital is the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or the community.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.
- Grasp the marginal productivity theory of income distribution and its implications.
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Learning Objectives
- Grasp the marginal productivity theory of income distribution and its implications.
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