Describe the Specific Components of an IFSP

question 20

Essay

Describe the specific components of an IFSP.

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Definitions:

Marginal Product

The additional output a firm gains from employing one additional unit of a factor, such as labor or capital, holding other factors constant.

Labor Intensive

A term used to describe a process or industry that requires a large amount of manual labor relative to capital investment.

Alternative Technologies

Different or new technologies that provide an alternative way of solving problems or completing tasks, often with the aim of improving efficiency or environmental sustainability.

Marginal Product

The extra output, or increase in production, that results from adding one more unit of a specific input, while other inputs are kept constant.