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Why Do Companies Devote So Many Resources to Exploring Product

question 4

Essay

Why do companies devote so many resources to exploring product possibilities,rejecting many seemingly good ideas along the way?


Definitions:

Productivity

The measure of the efficiency of production, often expressed as the ratio of output to inputs used in the production process.

Labor Force

The total number of people who are able and willing to work, either employed or actively seeking employment.

Technology

The use of scientific understanding for pragmatic objectives, particularly within the industrial sector.

Marginal Productivity

The additional output that is produced by adding one more unit of a specific factor of production, while other factors are held constant.

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