Match the Items Below with Their Descriptions

question 11

Multiple Choice

Match the items below with their descriptions:
-personal humility, professional will

• A)causes of discipline problems
• B)requirements for innovation
• C)a corrective action based on core values or principles
• D)important area of leadership performance-ability to achieve results regardless of obstacles
• E)important area of leadership performance-ability to generate new and usable ideas
• F)important area of leadership performance-ability to work with and through others
• G)requirements for statesmanship
• H)the soul of an army
• I)requirements for entrepreneurship
• J)characteristics of level 5 leaders
• K)the process of comparing against the best and taking steps to surpass it
• L)elements of behavior modification

---

Definitions:

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.

Explicit Costs

Direct, out-of-pocket payments for goods and services required to run a business.

Accounting Profit

Sales minus explicit cost. Implicit costs are not considered.

Perfect Competition

A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information, where no single entity can influence market prices.