Examlex
Name and briefly describe the two main steps that managers must complete when creating a human resource (HR) plan. List the six core areas that must be covered in a complete HR plan.
Economic Costs
The sum of explicit costs (direct payment for resources) and implicit costs (opportunity costs of using resources owned by the firm).
Marginal Revenue
Marginal revenue is the additional income that is generated by selling one more unit of a good or service.
Marginal Cost
The financial outlay for manufacturing an extra unit of a product or service.
Total Revenue
The total amount of money received by a company for goods or services sold, calculated as the quantity sold multiplied by the price per unit.
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