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The derived demand and, consequently, the demand curve for labor are determined by
Direct Labor-Hours
The total hours worked by employees directly involved in manufacturing goods or providing services.
Standard Costs
Pre-determined costs used as a benchmark for evaluating actual production costs within a business.
Raw Material
Basic, unprocessed materials used in the manufacturing process to produce finished goods.
Work in Process
An inventory account that tracks the cost of products that are in production but not yet completed.
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