Explain What the Hierarchy of Effects Is

question 256

Essay

Explain what the hierarchy of effects is. List and explain the five stages.

Recognize the scarcity and characteristics of natural resources.

Understand the economic concept of "no free lunch" and opportunity cost.

Distinguish between goods and services in the economy.

Learn the structure and function of the circular-flow model in economics.

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Definitions:

Job Embeddedness

The degree to which an employee is attached to their job and company, influencing their likelihood to stay.

Functional Turnover

The departure of employees who are performing poorly or are a poor fit for their jobs, which can be beneficial for the organization by potentially increasing productivity and efficiency.

Affective Commitment

Affective commitment refers to an employee's emotional attachment to, identification with, and involvement in the organization they work for.

Progressive Discipline

A process of dealing with job-related behavior that does not meet expected and communicated performance standards, starting with the least severe action to address the issue.