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Centralized and Formalized Procedures Allow for Greater Flexibility, an Important

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Centralized and formalized procedures allow for greater flexibility, an important factor for firms using a cost leadership strategy.


Definitions:

Interest Rate

The interest rate is the percentage of the principal charged by a lender to a borrower for the use of assets, typically expressed as an annual percentage.

Years From Now

A temporal reference indicating a certain amount of time in the future from the current point.

Real Wages

Nominal wages corrected for inflation.

Money Wages

The current dollar amount of a person’s wages.

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