According to the Textbook, Economics Is A

question 51

Multiple Choice

According to the textbook, economics is a:

• A) social science.
• B) study of business decisions, not social decisions.
• C) part of operations and management science.
• D) part of humanities.

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Definitions:

Legal Enforcement Arm

Agencies or departments responsible for ensuring compliance with laws and regulations, and for enforcing penalties for violations.

Knowledge Workers

Knowledge workers are employees who primarily work with information or develop and use knowledge in the workplace, such as programmers, engineers, and scientists.

Psychological Contract

A psychological contract is the overall set of expectations held by the employee with regard to what he or she will contribute to the organization and that are held by the organization with regard to what it will provide to the individual in return.

Value Proposition

A statement or concept that explains how a product or service solves a problem, fulfills a need, or provides benefit to customers, distinguishing a company from its competitors.