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Case 4.1
Bill is concerned about Tim's self-esteem.Tim's attitudes about himself have begun affecting his work.Tim is just consumed with the fear of failure.He keeps telling himself that he's a failure,there's no use trying,and he can't do any better.Bill says to Tim,"It's good that you know what you can and can't do;that helps you be more realistic about life.You just need to think of these matters in positive terms rather than hating yourself."
Bill manages Tim by telling him that he appreciates his hard work.Bill points out the things Tim does well and regularly explains to Tim that he expects great things of him.After a few weeks,Tim begins to perform more effectively and his fear of failure decreases.Bill further takes Tim "under his wing" and begins to advise him on professional behavior,gives him time to explain ideas and his concerns,and even becomes an advocate for Tim with Bill's boss.
-Refer to Case 4.1.Rather than experiencing positive self-talk,Tim is listening to his
Wage Rate
The amount of compensation paid to an employee by an employer in exchange for performing specific tasks within a given period.
Perfectly Competitive Firm
A company operating in a market where there are many sellers and buyers, the product is identical across suppliers, and there are no barriers to entering the market, leading to no control over prices.
Marginal Revenue Product
The additional revenue gained by employing one more unit of a factor of production.
Resource Inputs
The various resources used in the production of goods and services, such as labor, capital, and materials.
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