Since World War II Changes in Two Key Areas Have

question 18

Essay

Since World War II changes in two key areas have facilitated significant international expansion by firms. What are the two key areas of change?

Identify the concept of economic profits versus accounting profits.

Understand the implication of short-run and long-run market adjustments.

Describe how changes in demand affect the market in the short run and long run.

Understand the determinants of the industry supply curve elasticity in the short run and long run.

---

Definitions:

Effective Mentors

Experienced individuals who provide guidance, knowledge, and support to less experienced persons, enhancing their personal and professional growth.

Characteristics

Distinctive traits or features that define an individual, group, or thing.

Mentoring

A connection where an individual with more experience or knowledge assists in advising someone with less experience or knowledge.

Traditional Organizational

Refers to a hierarchical structure where decision-making authority is centralized at the top levels.