Two of the Key Components of the Control Process Are

question 202

True/False

Two of the key components of the control process are setting clear performance standards and communicating results and deviations to the employees involved.

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Definitions:

Aggregate Supply

The total supply of goods and services that firms in an economy plan on selling during a specific time period at various price levels.

Potential Output

The maximum amount of goods and services an economy can produce when it is most efficiently using all its resources.

Recessionary Gap

A situation where an economy's real GDP is lower than its potential GDP, indicating underutilized resources.

Inflation Rate

measures the annual percentage increase in the average price level of goods and services across the economy.