Excessive Change Can Become a "Habit" That Does Not Add

question 67

True/False

Excessive change can become a "habit" that does not add value, but adds unnecessary complexity and risk.

Acknowledge the impact of resource limitations on choosing quality control methods.

Understand the purpose and structure of organizational charts.

Recognize the advantages and disadvantages of job specialization.

Differentiate between simple and complex organizational structures.

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Definitions:

Production Possibilities

A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.

Opportunity Cost

Forgoing possible gains from alternative paths when one path is chosen.

Farmer

An individual engaged in agriculture, raising living organisms for food or raw materials.

Comparative Advantage

The ability of a party to produce a particular good or service at a lower marginal and opportunity cost than another.