Examlex
Which statement represents the most reductionist explanation of an observed phenomenon?
Fixed Factors
Resources in production that cannot be easily increased or decreased in the short term, such as land or certain machinery.
Capital-Intensive
A characteristic of industries or businesses that require large amounts of capital investment in machinery and equipment relative to labor to produce goods or services.
Firm Costs
All the expenses incurred by a company in the production and sale of goods or services, including raw materials, labor, and overhead.
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