CMA1.A5.a. explain the nature and significance of resource planning
CMA1.A5.b. define derived demand
CMA1.A5.c. define and calculate marginal revenue product and marginal revenue cost
CMA1.A5.d. identify the determinants of resource demand
CMA1.A5.e. define substitution resources and complementary resources
CMA1.A5.f. apply the principles of elasticity to resource demand
CMA1.A5.g. demonstrate an understanding of the profit maximizing combination of resources
CMA1.A5.h. contrast nominal wages and real wages
CMA1.A5.i. describe how productivity affects the level of wages
CMA1.A5.j. compare labor demand and labor supply in a purely competitive market and in a monopoly
CMA1.A5.k. determine the impact of unions on the level of wages
CMA1.A5.l. demonstrate an understanding of the issues related to the minimum wage
CMA1.A5.m. identify the impact of unionization on a firm
CMA1.A5.n. identify the extent to which the minimum wage impacts a firm