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An aggregate production function,with both capital and labour factor inputs,exhibits constant returns to scale when a 1% increase in labour input
Competing Values Framework
A model used to assess organizational culture and effectiveness, which identifies four underlying values that compete with each other: internal focus and integration vs. external focus and differentiation, and flexibility and discretion vs. stability and control.
Adhocracy Culture
An organizational culture characterized by flexibility, employee empowerment, and an emphasis on innovation, often seen in dynamic and creative industries.
Flexibility
The quality of being able to adapt to new, different, or changing requirements.
Discretion
The freedom to decide or act according to one's own judgment.
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