Examlex
The first element of a marketing strategy is to identify a target market.
Average Product
The output per unit of input, calculated by dividing total product by the quantity of input used in its production.
Marginal Product
The additional output generated by employing one more unit of a specific factor of production.
Total Product
The total quantity of output produced by a firm during a given period of time.
Labor Intensive
A production process that requires a higher proportion of labor compared to capital in the production of goods and services.
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