Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
Leisure Individual labour supply curve Unions Value of the marginal product curve Human capital Compensating differentials Factor distribution of income Value of the marginal product Time allocation Rental rate Efficiency-wage model Physical capital Equilibrium value of the marginal product Marginal productivity theory of income distribution | organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively with employers. the cost, implicit or explicit, of using a unit of land or capital for a given period of time. a graphical representation showing how the value of the marginal product of a factor depends on the quantity of the factor employed. manufactured productive resources, such as buildings and machines; often referred to simply as “capital.” the improvement in labour created by education and knowledge that is embodied in the workforce. the decision about how many hours to spend on different activities, which leads to a decision about how much labour to supply. a graphical representation of the relationship between quantity supplied and price for an individual producer. a model in which some employers pay an above-equilibrium wage as an incentive for better performance. the value of the additional output generated by employing one more unit of a given factor, such as labour. the additional value produced by the last unit of a factor employed in the factor market as a whole. the division of total income among labour, land, and capital. the time available for purposes other than earning money to buy marketed goods. wage differences across jobs that reflect the fact that some jobs are less pleasant or more dangerous than others. the proposition that every factor of production is paid its equilibrium value of the marginal product. |