Abilities That Companies Compete on That Are Difficult for Competitors

question 53

True/False

Abilities that companies compete on that are difficult for competitors to replicate are known as capabilities.

Recognize the conditions under which a principal can ratify unauthorized acts of an agent.

Learn about the principles governing liability for tortious acts committed by agents.

Understand the special rules concerning agency relationships in real estate transactions.

Grasp the impact of an agent’s actions on the legal status and liability of the principal.

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Definitions:

Utilitarian Organization

A profit or nonprofit organization that pays its employees salaries or wages.

Division of Labor

The allocation of different tasks and responsibilities to individuals or groups in a society, organization, or among nations to improve efficiency.

Ideal Type

Model rarely seen in reality but that defines the principal characteristics of a social form.

Hierarchy of Authority

An organizational structure where entities are ranked according to levels of power and authority, from highest to lowest.