__________ Are Specific Providers of the Human, Information and Financial

question 21

Multiple Choice

__________ are specific providers of the human, information and financial resources and raw materials needed by the organisation to operate.

• A) Suppliers
• B) Employees
• C) Competitors
• D) Regulators
• E) Customers

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Definitions:

Short Run

A time period in which at least one factor of production is fixed, limiting the ability of firms to adjust to market changes.

Long Run

A period in which all factors of production and costs are variable, allowing full industry adjustment.

Labor Supply

Refers to the total hours that workers or the labor force are willing to work at a given wage rate.

Apple Pickers

Workers or laborers who specialize in harvesting apples from orchards during the picking season.