Value Is Created When

question 19

Multiple Choice

Value is created when:

• A)The price that the customer is willing to pay for a product exceeds the firm's direct cost of production
• B)The surplus of value is distributed between customers and producers in the industry by the forces of competition
• C)The value of a product to consumers is more than they paid for it.
• D)The price that the customer is willing to pay for a product exceeds the firm's cost.

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Definitions:

Job Design

Job design is the process of specifying job tasks and work arrangements.

Organizational Requirements

The necessary conditions, resources, and capabilities needed for an organization to operate or achieve its objectives.

Individual Skills

the specific abilities and talents that an individual possesses, which can contribute to their performance.

Performance Appraisal System

A structured process through which employee performance is assessed, typically for the purpose of making decisions about promotions, compensation, and development.