Examlex
The trait approach would be used to identify
Function
A relation between a set of inputs and a set of permissible outputs, specifying a single output for each input.
Production Function
An equation that describes the relationship between the quantities of productive factors used and the amount of product obtained.
Returns To Scale
Describes how the output of a production process changes as all inputs are scaled up or down by the same proportion.
Input
Resources used in the production process to generate output, including labor, capital, materials, and energy.
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