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Micro Ch. 3
Terms in this set (4)
Skilled labor is
constitutes talent of humans, which is acquired by practice, training, and education.
Human capital is like physical capital, which requires sacrifice of current consumption in the hope that the formation of human capital will enhance future consumption.
the most desirable alternative given up as the result of a decision
Costs that do not vary with the quantity of output produced
Marginal cost for a fixed cost
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Micro Ch. 4