MATCHING KEY TERMS AND DEFINITIONS

question 29

Multiple Choice

MATCHING KEY TERMS AND DEFINITIONS
-Explains how much influence we believe that elements the employee controls (internal) have over performance versus those the employee cannot control (external) .

• A)Absolute standards
• B)Relative standards
• C)Individual ranking
• D)360-degree appraisals
• E)Peer evaluation
• F)Performance measurement
• G)Halo error
• H)Graphic rating scale
• I)Leniency error
• J)Documentation
• K)Paired comparison
• L)Similarity error
• M)Attribution theory
• N)Management by objectives (MBO)
• O)Forced-choice appraisal

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Definitions:

Demand

The total quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period.

Equilibrium

A state of balance in a system where supply equals demand, and there is no external force prompting change.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between what producers are willing and able to sell a good for and the actual price they receive, representing the benefit to sellers.