Examlex
A nurse is teaching a course in bioterrorism to a group of military nurses. Which statement by a military nurse indicates understanding of the teaching?
Labor
The use of human physical and intellectual labor in the creation of products and services.
Capital
Refers to financial assets or the financial value of assets, such as cash and goods, used in a business to generate wealth through investment or production.
Substitution Effect
The change in consumption patterns due to a price change that makes one good more economically attractive than its alternatives.
Output Effect
Output Effect is the impact on total production or output when a firm adjusts its resources, such as labor or capital, in response to changes in market conditions.
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