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Describe how extending decision making and activities generally handled by managers to employees can lead to employee empowerment.Provide a brief example.
Factor Of Production
Inputs employed in the production of goods and services, typically classified as land, labor, capital, and occasionally entrepreneurship.
Average Product
The output per unit of input, such as labor or capital, used in the production process.
Marginal Productivity Theory
A principle in economics that suggests that the addition of a unit of labor or capital leads to a change in output, essentially quantifying the extra output produced by adding one more unit of a resource.
Equilibrium Value
The price and quantity at which the supply of an item equals the demand for that item, achieving a balance in the market.
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