State the Six Functions That Make Up the Human Resources

question 13

Essay

State the six functions that make up the human resources and payroll cycle and,for each function,identify the related documents and/or records that would be used by a company.

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Definitions:

Pure Rent

The return to any factor of production that is in fixed supply.

Fixed Supply

A condition where the quantity of a particular good, service, or resource does not change, regardless of the price.

MRP

Marginal Revenue Product, which refers to the additional revenue generated from employing one more unit of a resource.

Perfectly Elastic

A situation in which the demand or supply for a good or service is infinitely responsive to changes in price.