Which Scenario Exemplifies the Concept of Efficiency Versus Effectiveness in Time

question 21

Multiple Choice

Which scenario exemplifies the concept of efficiency versus effectiveness in time usage?

• A)Mario has found that if he forgoes his exercise routine he has more time to complete his course work satisfactorily and on time.
• B)Megan is very conscientious about completing all of her course work on time and understands that to do well in school one trade-off is going to be her social life.
• C)Frank is able to juggle school and a social life while maintaining a 2.0 GPA.
• D)Alena has found that by taking online courses, she is able to trade off the commute time for more study time.

Describe the various forms of business organizations and their characteristics.

Identify the legal duties and liabilities of principals and agents.

Understand the legal frameworks governing employee rights and employer responsibilities.

Recognize the significance of legislative measures such as the Family and Medical Leave Act (FMLA), Fair Labor Standards Act of 1938, and workers' compensation laws.

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Definitions:

Opportunity Cost

Opportunity cost represents the value of the best alternative that must be forgone as a result of choosing a particular action or decision over others.

Labor-saving Devices

Tools, machines, or systems that reduce the amount of labor needed to perform a task or produce a good.

Proprietor's Income

The income earned by the owners of unincorporated businesses for their labor and capital investment.

Salary

A fixed regular payment, usually expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.