In an Effort to Survive Over the Long-Term, Organizations Require

question 25

Multiple Choice

In an effort to survive over the long-term, organizations require drafting and design technicians who:

• A)continuously get better
• B)peak early in their careers
• C) remain consistent
• D) are happy with "good enough"

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Definitions:

Total Profit

The amount of financial gain made by a business or individual after accounting for all expenses and costs.

Most Efficient Output

refers to the level of production at which a firm or economy can produce the maximum amount of goods or services with the least waste of resources and effort.

Total Profit

The financial gain made in a transaction or over a period of time, which equals total revenues minus total costs.

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, representing the additional value created beyond all resource costs.