How Can an HR Department That Is Considered Its Company's

question 32

Multiple Choice

How can an HR department that is considered its company's strategic partner help the company gain a competitive advantage?

• A) by handling administrative tasks with a commitment to quality
• B) by providing business partner services to meet the company's goals
• C) by providing skills training and career development programs
• D) by understanding the existing human resources and providing new ones
• E) by answering questions on employee hiring and benefits

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Definitions:

Budget Constraints

The limitations on the consumption choices of individuals or organizations due to limited resources.

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.

Budget Constraints

The limitations on the consumption bundles that a consumer can afford based on their income and the prices of goods and services.

Law of Demand

The principle that, all other factors being equal, as the price of a product decreases, the quantity demanded of the product will increase, and vice versa.