Related Common-Sense Tools That May Help One to Use Time

question 4

Multiple Choice

Related common-sense tools that may help one to use time in the most effective and productive manner possible are collectively called:

• A)the Pareto Principle
• B)time management
• C)shift planning
• D)effective leadership

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Definitions:

Short Run

A period in which at least one of a firm's inputs is fixed and cannot be varied.

Variable Costs

Expenses that directly fluctuate in accordance with the amount of production or output.

Average Cost

The total cost of production divided by the number of units produced, indicating the cost per unit.

Fixed Costs

Costs that do not vary with the level of production or business activity, such as rent, salaries, and insurance.