Examlex
The cost to complete an activity is always known in advance.
Capital
Resources made and used to produce goods and services, including tools, equipment, machinery, and buildings.
Labor
The application of both mental and physical human capacities for the generation of goods and services.
Marginal Physical Product
The additional quantity of output that is produced by using one more unit of a given input, assuming all other inputs remain constant.
Total Revenue Product
The total revenue generated by a firm from selling the output produced by an additional unit of a factor of production.
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