Examlex
A quality guru named Philip Crosby defined quality as fitness for use.
Diminishing Returns
A principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.
Marginal Resource Cost
The additional cost incurred by employing one more unit of a resource.
Total Resource Cost
The total costs incurred for the production of goods and services, including all raw materials, labor, and overhead.
Resource
An asset or input used to produce goods and services, including time, money, labor, and natural resources.
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