Examlex
How have managers' viewpoints and focuses changed in this new world?
Labor
The physical and mental effort used in the production of goods and services, often considered one of the primary factors of production.
Marginal Physical Product
The extra yield obtained by employing an additional unit of a variable factor, while keeping all other factors unchanged.
Total Revenue Product
The total revenue generated from the sale of goods or services produced from a specific input or resource.
Wage Rate
The amount of money paid to a worker per unit of time, usually expressed per hour or year.
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