Identify and Briefly Explain at Least Two Key Factors in Economic

question 105

Short Answer

Identify and briefly explain at least two key factors in economic, sociocultural and political-legal environments that affect an organization.

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Definitions:

Craft Unions

Labor unions that represent workers in specific trades or crafts, focusing on skill level and craftsmanship.

Particular Skill

A specific ability or expertise that an individual possesses, often contributing to their suitability for a specialized job or task.

Complementary Inputs

Inputs or goods that are used together in production and whose demand is positively related, meaning an increase in the price of one decreases the demand for the other.

Substitute Inputs

Alternative resources or materials that can be used in the production process to replace others without significantly affecting the output.