Examlex
Departmentalization refers to the degree to which jobs within the organization are standardized.
Marginal Product
The additional output a firm produces as a result of hiring one more unit of a factor of production, such as labor or capital.
Bushel of Wheat
A measure of volume used in the U.S. to quantify agricultural commodities, equivalent to approximately 35.24 liters.
VMPL Curve
A graphical representation showing the value of the marginal product of labor, which changes as more labor is employed.
Technological Advance
The development and application of new technologies or improvements in existing technologies, leading to greater efficiency or new capabilities.
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