Danny Is Setting Up a Goal Setting System for His

question 22

Multiple Choice

Danny is setting up a goal setting system for his 15 employees in his music store.What are the three factors essential for effective goal setting?

• A) employees must have the requisite skills, be committed to the goal, and receive feedback
• B) employees must be internally motivated, have assigned goals, and receive the proper training
• C) employees must have fair wages, be externally motivated, and receive performance feedback
• D) employees must develop their own goals, receive training, and be rewarded for their performance

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Definitions:

Real Wage Rates

The purchasing power of wages, adjusted for inflation, indicating the quantity of goods and services wages can buy.

Technological Advance

The introduction of new technologies or improvements in existing technologies that increase productivity and efficiency.

Demand for Labor

The total amount of labor that employers in the economy are willing to hire at a given wage rate, influenced by factors such as productivity, economic conditions, and regulatory environment.

Marginal Product

The marginal product is the additional output that is produced by using one more unit of a particular input, holding all other inputs constant, in the process of production.