If an Employee Who Had Been with the Firm for Over

question 114

Short Answer

If an employee who had been with the firm for over 50 years and who was an expert in solving difficult problems was getting ready to retire, it might be good to acquire her knowledge and share it with the other employees using ____________ system.

Appreciate the role of technology and efficient communication in reducing transaction costs and enabling greater volumes of trade.

Understand the economic rationale for specialization and comparative advantage in producing goods and services.

Understand the concept of transaction costs and their impact on market exchanges.

Identify the role and functions of middlemen in reducing transaction costs and facilitating trades.

---

Definitions:

Radiography

The science and practice of using radiation to provide images of the organs, bones, and tissues in the body to diagnose and treat medical conditions.

Self-Monitoring

The tendency to adapt behavior to fit the demands of the situation.

Self-Migration

Self-Migration describes the process by which individuals voluntarily move from one location to another, often for reasons such as employment, education, or personal growth.

Casual

something done without much thought or premeditation, often reflecting a relaxed or informal nature.