Examlex
What is the term used to describe the outsourcing of tasks to a distributed, undefined group of people?
Competitive Forces
The external factors in an industry that influence the competitive environment and affect business strategies, including competition, potential new entrants, substitute products, bargaining power of suppliers, and bargaining power of customers.
Operational Efficiency
The ability of an organization to minimize input costs while maximizing the level of output or production.
Overproduction
occurs when production exceeds the demand for a product, often leading to surplus and potential waste.
External Costs
Costs that are not borne by the producers or consumers directly involved in a transaction but are imposed on other parties or the environment.
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