Factors of production, Please expand on the text's given

Factors of production

Reference no: EM13887691

Set word document to US English. About 4 lines each definition!

Please expand on the text's given definition, using other relevant terms from the chapter, and also give a practical example of that key concept. Please don't simply supply the text definition. This is not what I want. I'm looking for your input showing a basic understanding of each "Key Concept". A 1 or 2 sentence answer is not acceptable, nor is a few bullet points. Show me you understand the concept.

Factors of production

Production function

Marginal product of labor

Diminishing marginal product

Value of the marginal product

Capital

Compensating differentialHuman capital

Union

Strike

Efficiency wages

Discrimination

Reference no: EM13887691

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