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VARIABLE FACTOR OF PRODUCTION: An input whose quantity can be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with fixed factor of production, which goes by the shorter term fixed input. The most common example of a variable factor of production is labor. A variable factor of production provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed factor of production, like capital, provides the capacity constraint in production. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable factor of production becomes less productive.
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LABOR The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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NY
Net Yield
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