Examlex
Describe the nine elements of a work system.
Input
Resources used in the process of production, such as labor, materials, and capital.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another more or less expensive one.
Wage Rate
The standardized amount of money paid to an employee per unit of time or piece of work completed.
Output Effect
The impact on total production or output when a firm alters the level of inputs, holding all other factors constant.
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