AP课程微观经济学名词解释(7)

　　Please highlight critical terms;

　　*=not important for exam but you should know

　　Chapter Seven

　　Derived Demand-the demand for a resource such as labor is derived from the product that the resource helps to produce

　　resource markets- also called "factor markets", these are where labor, capital and natural resources are bought and sold. wage- the price of labor resources. Wages and other resource prices affect the cost of goods and services, and thus their supply. *human capital- skills, education, training and experience that enable a worker to become more productive. These are not used up as the worker works; the worker still has them even though she/he has used them on the job. They also require an investment to obtain, and thus resemble capital, because of the investment and durability characteristics. derived demand- the idea that resources are not desired for themselves, but rather for the value of what they can produce and how much they can produce.

　　productivity-the output produced by an input or resource. Generally, it is measured as the additional product that is produced by adding one more unit of input to the productive process (also called the marginal product of the resource). marginal revenue product (MRP)-the value to a resource buyer of one more unit of a resource. It is defined as the marginal product of the resource times the marginal revenue that can be earned for each unit of good produced by the resource. The marginal revenue product (MRP) is the basis of the demand curve for a resource. *value of marginal product (VMP)-the marginal product of the resource times the price of the good produced by the resource. The value of marginal product is the same as the marginal revenue product (MRP) if the resource buyer is a price taker in selling its product.

　　marginal factor cost - the cost to an employer of buying one more unit of a resource, such as labor. In competition, this will be the same as the wage. However, for a monopsony, it will be greater than the wage. monopsony- a single buyer of a good or resource, such as the only employer of a particular kind of labor.

　　*human capital- skills, education, training and experience that enable a worker to become more productive. These are not used up as the worker works; the worker still has them even though she/he has used them on the job. They also require an investment to obtain, and thus resemble capital, because of the investment and durability characteristics.

　　compensating wage differentials- wage differences that are based on job characteristics such as unpleasantness or danger of a profession.

　　Lorenz Curve-a curve that measures the degree of income inequality as contrasted with income equality

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