Examlex
A company is said to have a competitive advantage over its rivals when its profitability is greater than the average profitability for all firms in its industry.
Labor Cost
The total sum of all compensation that a business must pay to its employees, including wages, benefits, and taxes.
Productivity Of Labor
Productivity of labor measures the output that is produced per unit of labor employed, reflecting how efficiently labor resources are utilized in the production process.
Production Possibilities Frontier (PPF)
A curve depicting all the possible combinations of two goods that can be produced within an economy, given a set of inputs and technology, assuming efficiency in production.
Labor Deepening Technology
Refers to investments in technology that increase the productivity of each worker.
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