Which of the Following Is Typically a Variable Factor of Production

question 77

Multiple Choice

Which of the following is typically a variable factor of production?

• A)Land
• B)Equipment
• C)Plant
• D)Labor
• E)Money

Understand the need for and process of conducting a needs analysis in organizations.

Recognize the different types and steps of a needs analysis: organizational, task, person, and resource analysis.

Identify the tools and techniques used in conducting a needs analysis.

Understand the significance of aligning training and development initiatives with an organization's strategy.

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Definitions:

Favorite Bundle

The combination of goods or services that maximizes an individual's utility given their budget constraints.

Convex Preferences

A consumer preference pattern indicating a desire for mixed bundles of goods over extreme bundles, illustrating a preference for diversification.

Commodity Bundle

A specific collection of goods or services that is considered as a single unit for analytical purposes in microeconomics.

Convex Preferences

A characteristic of consumers' preferences indicating that they prefer mixes or combinations of goods over extreme amounts of either one, depicted by a convex shape in utility analysis.