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Economics-Mankiw-P6
Definitions of the newest Mankiw (Special edition with financial crisis)Ch.18-20
| Question | Answer |
|---|---|
| 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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