Examlex
How is the base pay set when merit pay plans are used?
Capital Employed
The total amount of capital used for the acquisition of profits by a firm or project, including the value of all assets employed in a business.
Production Function
A formula that specifies the output generated by a firm from varying combinations of factor inputs.
Marginal Cost
The supplementary expense incurred by fabricating one more unit of a product or service.
Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain constant.
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