Nursing Research and Health Care Economics Flashcards
def Pecuniary terms
monetary values must be determined
def production function
indicates the output that can be produced within a given set of outputs
def derived demand
the demand for labor is derived from the demand for the product or service that a firm produces and sells
def marginal expense
the additional cost of hiring one more worker
def monopsony
a large buyer of an output, such as the only hospital in town, which is then able to set the wages for nurses
the marginal benefit is composed of … (2)
marginal product
marginal revenue
def marginal product
the additional output produced by an additional worker
def marginal revenue
additional revenue generated by selling an additional unit of output
def diminishing marginal returns
as more of a variable input (labor) is hired, and the amt of capital is fixed, the marginal product of a worker declines
