________ Refers to the Amount of Labor (Input) It Takes

question 3

Multiple Choice

________ refers to the amount of labor (input) it takes to do a particular task.

• A) Task analysis
• B) Productivity
• C) Value pricing
• D) Demand scheduling

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Definitions:

Bowed Out

A description usually of production possibilities frontier that shows increasing opportunity costs.

Command Economy

An economic system in which the government or central authority makes all decisions about the production and distribution of goods and services.

Centralized

A system or organization where decision-making and administrative processes are concentrated at a single point or center.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured as the percentage increase in real GDP.