Unlike Classical Growth Theory, New Growth Theory Emphasizes the Importance

question 123

Multiple Choice

Unlike Classical growth theory, new growth theory emphasizes the importance of:

• A)the law of diminishing marginal productivity.
• B)human capital.
• C)population growth.
• D)technology.

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Definitions:

Local Responsiveness

The ability of a company or organization to tailor its products, services, and operations to meet the specific needs of local markets.

Cost Advantage

The benefit or saving realized from lower production or operational expenses compared to competitors.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness of the world's economies, cultures, and populations.

Operations Strategy

A long-term, strategic plan for optimizing operations, resources, and supply chain management to achieve the business goals and objectives.