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_____ refers to the presence of differing cultures, languages, ethnicities, races, affinity orientations, genders, religious sects, abilities, social classes, ages, and national origins of the individuals in a firm.
Labor (L)
A measure of the work done by human beings in the production process, considered a factor of production in economics.
Profit-Maximizing
The process businesses follow aiming to achieve the highest possible profits by adjusting production levels, pricing, and other operational factors.
Least-Cost Combination
An economic principle where firms seek to minimize their costs of production by using the most efficient combination of resources.
Inputs
The inputs including workforce, materials, and financial investment employed in the process of manufacturing products or delivering services.
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