Strategic Human Resource Management Means Formulating and Executing HR Systems

question 38

True/False

Strategic human resource management means formulating and executing HR systems that produce the employee competencies and behaviors a firm needs to achieve its strategic aims.

Understand the characteristics and consequences of operating within black markets, including the role of violence and the quality of products.

Comprehend the principles of supply and demand as they apply in both legal and black markets.

Analyze the effects of excise taxes on goods with different elasticity of demand and the concept of deadweight loss.

Recognize how secure private property rights and contract enforcement enhance market efficiency.

---

Definitions:

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, adjusting for the portion of those goods that is complete.

Process Costing

An accounting method used to allocate costs to units of output in industries where production is continuous and units are indistinguishable from each other.

Weighted-Average Method

A technique used in inventory valuation that averages the costs of all goods available for sale during the accounting period.

Process Costing

A costing methodology used in manufacturing where costs are allocated to processes or departments and then assigned to units of product.