The ________ Variation in the Production Process Is Caused by Specific

question 117

Short Answer

The ________ variation in the production process is caused by specific events or factors that can usually be identified and eliminated.

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Definitions:

Labor

The physical and mental effort used in the production of goods and services.

Physical Capital

Manufactured productive resources, such as buildings and machines; often referred to simply as “capital.”

Factor Market

A marketplace for the services of a factor of production, such as labor, capital, or land.

Labor

Human effort, whether physical or mental, used in the production of goods and services.