Change of a Relatively Small Scope, Such as Making Small

question 71

Multiple Choice

Change of a relatively small scope, such as making small improvements, is called _____.

• A)incremental change
• B)strategic change
• C)transformational change
• D)transactional change

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Definitions:

Natural Rate

The level of economic activity or output at which the economy operates without causing inflation to accelerate, often associated with unemployment or interest rates.

Inflation Expectations

The rate at which people expect prices to increase over a period, influencing their economic behavior.

Long-Run Average Unemployment Rate

The unemployment rate that is expected to prevail in the long-term, factoring in the natural movement of the workforce in and out of jobs.

Market Power of Unions

The capacity of labor unions to influence wages, working conditions, and employment levels through collective bargaining.