Examlex
Which of the following is not a factor of production?
Value-Added Ratio
The ratio of the value-added lead time to the total lead time.
External Failure Cost
Costs incurred when products or services fail to meet quality standards after being delivered to the customer, including returns, repairs, and lost sales.
External Failure Cost
External failure costs are expenses incurred when products or services fail to meet quality standards after being delivered to the customer, including returns, repairs, and lost sales.
Value-Added
The enhancement a company gives its product or service before offering the product to customers, increasing its value.
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