Compared to the Changes in the Task Environment, Those in the General

question 19

Multiple Choice

Compared to the changes in the task environment, those in the general environment are often

• A)harder to identify.
• B)easier to respond to.
• C)threats, not opportunities.
• D)of less consequence.

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Definitions:

Diminishing Marginal Returns

is an economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, begins to decrease.

Variable Resource

A resource whose quantity can change in the short run to increase or decrease production levels.

Fixed Resource

A resource whose quantity cannot easily be changed in the short term, such as land, buildings, or equipment.

Accounting Profit

The difference between total revenue and total explicit costs, not accounting for implicit costs, according to traditional accounting methods.