Examlex
An athletic trainer gives five different tests of athleticism to a group of athletes: upper-body weight lifting, lower-body weight lifting, push-ups, sit-ups, and pull-ups. A factor analysis reveals that performance on these tests are all highly correlated with each other and cluster onto one factor. We can conclude that the ___________.
Factor 1
An element or component that contributes to a particular result or situation; can be considered as a contributing variable in different contexts.
Profit
The financial gain obtained when the revenue from selling goods or services exceeds the costs involved in their production or provision.
Production Function
A production function is an equation that describes the maximum output of a good or service an economy or firm can produce given the input resources it has available.
Labor
The human effort, whether physical or mental, used in the production of goods and services.
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