Examlex
Which of the following groups of terms is in the order of decreasing extension?
Labor
The human effort, including both mental and physical activities, employed in the production of goods and services.
Machines
Mechanical or electronic devices designed to perform specific tasks, often used to enhance efficiency and productivity in manufacturing or processing.
Total Cost
The complete expenditure incurred for producing or offering a product or service, including fixed and variable costs.
Competitive Factor Markets
Refers to markets where factors of production (such as labor, capital) are bought and sold in a competitive environment, ensuring prices are influenced by supply and demand.
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