An Important Insight by Adam Smith,which Was More Fully Developed

question 117

Multiple Choice

An important insight by Adam Smith,which was more fully developed over the next century,is that in a free market the resources available to a nation are organized so as to produce the goods and services that people want with the least possible amount of resources.This concept is known in economics as

• A)productivity.
• B)division of labour.
• C)specialization.
• D)benevolence.
• E)efficiency.

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Definitions:

Performance Targets

Performance targets are specific objectives set by an organization, aiming to achieve particular levels of performance in key areas over a set period.

Incentive Compensation

A form of payment designed to reward employees for achieving specific performance targets or objectives.

Balanced Scorecard

A strategic planning and management system used to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals.

Strategic Initiatives

Major actions or programs undertaken by an organization to achieve long-term objectives and competitive advantage.