Examlex
According to the personal quality checklist approach,which of the following is a "waste reducer" standard?
Economic Profit
Profit calculated by subtracting both explicit and implicit costs from total revenues, indicating the efficiency beyond the breakeven point.
Capital-Intensive
Describing industries or processes that require a high level of capital investment in machinery and equipment relative to labor.
Labor-Intensive
A process or industry that requires a high input of labor relative to capital in the production of goods or services.
Labor Costs
The total expenses incurred by employing labor including wages, salaries, benefits, and taxes, which are key components of the overall cost of production.
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