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BARS is a rating approach that involves keeping a record of uncommonly good or undesirable examples of an employee's work-related behavior and reviewing it with the employee at predetermined times.
Economic Decline
A period where an economy experiences reduced economic activity, often marked by decreases in GDP, employment, and consumer spending.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), assuming all inputs are used efficiently.
Unemployment Rate
The share of the working group that is currently without a job and actively on the lookout for one.
Specializing Exclusively
Involves focusing production or economic activities on a single area or product to maximize efficiency and expertise.
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