Examlex
In general,the strategic management process is thought to consist of sequential and continuing steps.
Resource Allocation
The process of distributing available resources among various competing needs or projects in order to maximize overall efficiency or achieve a desired outcome.
Economic Profits
The distinction in a company's finances that results from deducting both tangible and intangible costs from the total revenue.
Perfectly Competitive Industry
Describes a market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller has control over prices.
Variable Input
An input whose quantity the firm can vary at any time (for example, labor).
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