A(n) ________ Is an Operation That Has the Lowest Effective

question 85

Short Answer

A(n) ________ is an operation that has the lowest effective capacity of any operation in the process, and thus limits the system's output.

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Definitions:

Efficiency Wages

Wages that are deliberately set above the market equilibrium to increase productivity, reduce turnover, or improve the quality of applicants.

Labor Surplus

A situation in the labor market where the supply of labor exceeds the demand for labor, often leading to unemployment.

Structural Unemployment

An unemployment scenario where there's an incongruence between the skillsets provided by the labor market and those needed by employers.

Efficiency Wages

Wages that are deliberately set above the market equilibrium to increase productivity by attracting better applicants, reducing turnover, or increasing worker effort.