Economists Refer to Full-Employment Output as

question 117

Multiple Choice

Economists refer to full-employment output as

• A) GDP per capita.
• B) natural GDP.
• C) real GDP.
• D) nominal GDP.
• E) potential GDP.

Define quality based on conforming to standards and product-based perspectives.

Grasp the concepts of quality improvement tools and philosophies, such as poka-yoke and kaizen.

Appreciate the link between quality improvement and profitability.

Understand the role of employees and management in quality improvement initiatives.

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Definitions:

Strategic Choices

Decisions made by an organization to determine the direction of its activities, involving the selection of markets, determining competitive positioning, and allocation of resources.

Decentralized Marketing

A marketing strategy where decision-making is distributed among various units or groups within an organization, rather than centralized in a single location.

Creativity

Creativity is the ability to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others.

Flexibility

denotes the ability to adapt, change, or be modified easily to fit new conditions or circumstances.