Examlex
Assume you are a parent of a child in school.From your point of view, what type of organization is a school's parent-teacher association (PTA) ?
Labor
The combined physical and mental exertion employed in creating goods and services.
Marginal Physical Product
The change in total physical output that results from a one-unit increase in the quantity of one input, holding other inputs constant.
Marginal Revenue Product
The extra income derived from the use of an additional unit of a resource or input in production.
Input
Resources such as labor, materials, and capital that are used in the production process to create goods and services.
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