_____ Refers to the Economic Value of the Knowledge, Experience

question 143

Short Answer

_____ refers to the economic value of the knowledge, experience, skills, and capabilities of employees.

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Definitions:

Direct Labor

Direct labor refers to the work performed by employees directly involved in the manufacturing process of products.

Raw Material

Fundamental substances that are processed and converted into final products during manufacturing.

Work in Process

Inventory that includes goods that are in the production process but have not yet been completed.

Property, Plant, and Equipment

Long-term tangible assets owned by a business, used in its operations to generate revenue, including buildings, machinery, and equipment.