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Discuss the evolution of labor unions and the effects they had upon politics, social conditions, and mass democracy. Cite examples from various countries.
Average Fixed Cost
The fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced.
Output
The total quantity of goods or services produced by a firm or economy over a specific period.
Marginal Product
Refers to the additional output that is produced by adding one more unit of a specific input, assuming all other inputs are held constant.
Total Product
The total amount of output that a firm produces, usually measured over a certain time period, using all available inputs.
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