Functional Skills That a Firm Develops and Which Are the Foundation

question 53

Multiple Choice

Functional skills that a firm develops and which are the foundation on which a firm builds its strategy are:

• A) capabilities.
• B) resources.
• C) key success factors.
• D) comparative advantages.

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Definitions:

Means of Production

The facilities, tools, equipment, and raw materials used to produce goods or services, typically owned and operated within economic systems like capitalism or socialism.

Economic System

The structure and methods by which a society organizes and allocates its resources, goods, and services, including systems such as capitalism, socialism, and communism.

Craft Unionism

A form of unionism where workers from a particular trade or craft form an exclusive union to secure better working conditions, wages, and employment standards for their members.

Union Membership

Denotes individuals who are formally part of a labor union, an organization that represents workers in negotiations with employers over wages, benefits, and working conditions.