Which of the Following Is True of the Differences Between

question 73

Multiple Choice

Which of the following is true of the differences between industrial psychology and organizational psychology?

• A)Industrial psychology focuses more on efficiency and cost effectiveness in comparison to organizational psychology.
• B)Organizational psychology is less concerned with feelings of fulfillment when compared to industrial psychology.
• C)Industrial psychology is more concerned with human relations, while organizational psychology is less concerned with human relations.
• D)Organizational psychology focuses more on safety issues, while industrial psychology does not divert much attention to such issues.

Recognize the benefits of specialization and division of labor in enhancing productivity and economic efficiency.

Comprehend the economic functions of profits and losses in signaling resource reallocation.

Grasp the significance of property rights in facilitating economic transactions and encouraging innovation.

Understand the concept of laissez-faire and its implications for government intervention in the economy.

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Definitions:

Capital Balance

The amount of money that a business or individual has invested in an asset or enterprise, reflecting the equity or ownership interest.

Partnership

A legitimately structured partnership where two or more persons share both the administrative roles and the profits.

Business For Profit

An organization engaged in commercial, industrial, or professional activities with the aim of generating income exceeding expenses.

Mutual Agency

A principle in partnership where each partner is authorized to act on behalf of the partnership and bind it with their actions.