________ Means Having a Person Learn a Job by Actually

question 10

Multiple Choice

________ means having a person learn a job by actually doing it.

• A) Practice
• B) On-the-job training
• C) Social learning
• D) Modeling

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Definitions:

Economic Profits

The contrast between the sum of revenues and the sum of all costs, embracing both direct monetary and inferred expenditures.

Opportunity Cost

The worth of the best alternative given up as a consequence of a decision made.

Competitive Market System

An economic system where many buyers and sellers interact in the marketplace, with the forces of supply and demand determining prices and output levels.

Innovation

Innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay.