Need Is a Normative Process Shaped by All of the Following

question 1

Multiple Choice

Need is a normative process shaped by all of the following environments EXCEPT which of the following:

• A) demographic.
• B) social.
• C) political.
• D) economic.

Understand the relationship between organizational performance and executive compensation.

Identify the various methods and purposes of job evaluation and compensation strategies.

Recognize the concept of external and internal equity in compensation.

Comprehend the role and structure of nonmandated and mandated benefits in employee compensation.

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Definitions:

Market

Any structure that allows buyers and sellers to exchange any type of goods, services, and information.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive in the market.

Equilibrium

The state in which market supply and demand balance each other, and as a result, prices become stable.

Market

A place or system where parties engage in exchange, buying and selling goods and services.