Total factor productivity—a measure of the efficiency with which labor and capital are used—has fallen during the current recession. But, after adjustment for lower utilization of labor and capital, ...
Factors of production include land, labor, capital, and entrepreneurship. These factors interact to create goods and services in a capitalist economy. Understanding these factors helps identify ...
The marginal product of labor is a variable used in economic theory. This variable quantifies the additional output produced by adding an additional unit of labor. The value of this variable is ...
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