List at Least Four Factors That Learners Should Consider When

question 8

Essay

List at least four factors that learners should consider when choosing a health care career.​

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Definitions:

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, in a given time period.

Diminishing Returns

A principle stating that as investment in a single area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain at a constant.

Labor Curve

A graphical representation showing the relationship between the quantity of labor supplied and the wage rate.

Diminishing Returns

A principle stating that the addition of more of one factor of production, holding all else constant, will at some point yield lower incremental per-unit returns.