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Definitions of the newest Mankiw (Special edition with financial crisis)Ch.18-20

Production function the relationship between the quantity of inputs used to make a good and the quantity of output of that good
Factors of production the inputs used to produce goods and services
Marginal product of labour the increase in the amount of output from an additional unit of labour
Diminishing marginal product the property whereby the marginal product of an input declines as the quantity of input increases
Value of the marginal product the marginal product of an input times the price of the output
Capital the equipment and structures used to produce goods and services
Compensating differential a difference in wages that arises to offset the non-monetary characteristics of different jobs
Human capital the accumulation of investments in people, such as education and on-the-job training
Union a worker association that bargains with employers over wages and working conditions
Strike the organized withdrawal of labour from a firm by a union
Efficiency wages above-equilibrium wages paid by firms in order to increase worker productivity
Discrimination the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age or other personal characteristics
Life cycle the regular pattern of income variation over a person's life
Permanent income a person's normal income
Utalitarianism the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society
Utility a measure of happiness or satisfaction
Liberalism The political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observer behind a "veil of ignorance"
Maximin criterion the claim that the government should aim to maximize the well-being of the worst-off person in society
Libertarianism the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income
Social security government benefits that supplement the incomes of the needy
Negative income tax a tax system that collects revenue from high-income housholds and gives transfers to low-income households
In-kind transfers transfers to the poor given in the form of goods and services rather than cash
Created by: Medardus



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