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Identify and Discuss the Two General Purposes of Performance Evaluation

question 85

Essay

Identify and discuss the two general purposes of performance evaluation.


Definitions:

Unit Of Output

The measure of the quantity of a product or service produced by a firm, industry, or economic sector.

Competitive Industry

An industry in which no single firm has the power to influence the price of its product; there are many sellers and buyers, and products are largely homogeneous.

Limited Supply

A condition where the availability of a particular good is restricted in the market, often leading to increased prices.

Production Efficiency

A state in which the economy or a production process can no longer produce additional amounts of a good without lowering the production level of another product.

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