Examlex
GDP calculated via factor payments includes:
Total Productivity
The ratio of total output (goods and services) produced to the total inputs used to obtain that output, measuring efficiency in production.
Union Labor
Workforce that is organized in trade unions which negotiate wages, working conditions, and benefits on their behalf.
Production Process
The production process involves the steps, operations, and methodologies utilized to transform raw materials and components into finished goods or services.
Market Conditions
The various factors that influence the supply and demand of goods and services, including prices, competition, and overall economic climate.
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