The Increased Efficiency That Results When Employees Perform a Narrow

question 40

Multiple Choice

The increased efficiency that results when employees perform a narrow range of tasks over and over again leading them to acquire specialized knowledge that helps them complete the task more efficiently accurately defines the term _____.

• A)competitive parity
• B)minimum efficient scale
• C)task specialization
• D)employee specialization

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Definitions:

Loanable Funds

The market where savers supply funds to borrowers, influencing interest rates and investment activities.

Crowding Out

A situation in economics where increased public sector spending reduces or eliminates private sector spending.

Budget Deficit

A budget deficit occurs when a government's expenditures exceed its revenues within a specified period, leading to a need for borrowing to finance the shortfall.

Interest Rates

The cost of borrowing money, expressed as a percentage of the amount borrowed.