An Example of a Factor of Production Is

question 67

Multiple Choice

An example of a factor of production is

• A)a bottle of wine produced by a vineyard.
• B)a vintner hired by a vineyard.
• C)a loan granted to a vineyard.
• D)the wine exported by a vineyard.

Acknowledge the significance of human resources in achieving organizational mission and strategies.

Recognize the process and importance of human resource planning in aligning HR strategies with organizational objectives.

Understand the recruitment process and its significance in acquiring a quality workforce.

Comprehend the challenges and trends impacting HRM practices in contemporary organizations.

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Definitions:

Variable Costs

Expenses that change in proportion to the activity of a business, such as costs for raw materials or labor.

Fixed Costs

Fixed Costs are business expenses that do not change with the level of goods or services produced by the company.

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.

Total Variable Cost

The total of all variable expenses which change with the level of output.