kinked-demand curve The demand curve for a noncollusive oligopolist, which is based on the assumption that rivals will match a price decrease and will ignore a price increase. labor physical and mental talents and efforts that are People’s used to help produce goods and services. labor force Persons 16 years of age and older who are not in institutions and who are employed or are unemployed and seeking work. labor-force participation rate The percentage of the workingage population that is actually in the labor force. labor-intensive goods Products requiring relatively large amounts of to produce. labor labor productivity Total output divided by the quantity of labor employed to produce it; the of labor or output per average product hour of work. labor union A group of workers organized to advance the interests of the group (to increase wages, shorten the hours worked, improve working conditions, and so on). Laffer Curve A curve relating government tax rates and tax revenues and on which a particular tax rate (between zero and 100 percent) maximizes tax revenues. laissez-faire capitalism (See capitalism.) land Natural resources of used to produce (“free gifts nature”) goods and services. land-intensive goods Products requiring relatively large amounts of to produce. land land reform (Web chapter) A set of policies designed to create more efficient distribution of land ownership in developing countries; policies vary country to country and can involve everything from government purchasing large land estates and dividing the land into smaller farms to consolidating tiny plots of land into larger, more efficient private farms. law of demand The principle that, other things equal, an increase in a price will reduce the quantity of it demanded, product’s and conversely for a decrease in price. The principle that as a law of diminishing marginal utility consumer increases the consumption of a good or service, the obtained from each additional unit of the good or marginal utility service decreases. law of diminishing returns The principle that as successive increments of a variable resource are added to a fixed resource, the of the variable resource will eventually decrease. marginal product The principle that as the law of increasing opportunity costs production of a good increases, the of producing o pportunity cost an additional unit rises. law of supply The principle that, other things equal, an increase
kinked-demand curve The demand curve for a noncollusive oligopolist, which is based on the assumption that rivals will match a price decrease and will ignore a price increase. labor People’s physical and mental talents and efforts that are used to help produce goods and services. labor force Persons 16 years of age and older who are not in institutions and who are employed or are unemployed and seeking work. labor-force participation rate The percentage of the workingage population that is actually in the labor force. labor-intensive goods Products requiring relatively large amounts of labor to produce. labor productivity Total output divided by the quantity of labor employed to produce it; the average product of labor or output per hour of work. labor union A group of workers organized to advance the interests of the group (to increase wages, shorten the hours worked, improve working conditions, and so on). Laffer Curve A curve relating government tax rates and tax revenues and on which a particular tax rate (between zero and 100 percent) maximizes tax revenues. laissez-faire capitalism (See capitalism.) land Natural resources (“free gifts of nature”) used to produce goods and services. land-intensive goods Products requiring relatively large amounts of land to produce. land reform (Web chapter) A set of policies designed to create more efficient distribution of land ownership in developing countries; policies vary country to country and can involve everything from government purchasing large land estates and dividing the land into smaller farms to consolidating tiny plots of land into larger, more efficient private farms. law of demand The principle that, other things equal, an increase in a product’s price will reduce the quantity of it demanded, and conversely for a decrease in price. law of diminishing marginal utility The principle that as a consumer increases the consumption of a good or service, the marginal utility obtained from each additional unit of the good or service decreases. law of diminishing returns The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease. law of increasing opportunity costs The principle that as the production of a good increases, the o pportunity cost of producing an additional unit rises. law of supply The principle that, other things equal, an increase
honors_textbook_glossary.docx