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Identify and Explain the Characteristics of Strong Institutional Structure Necessary

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Essay

Identify and explain the characteristics of strong institutional structure necessary to adapt to globalization.


Definitions:

Direct Labor

The labor costs of workers who are directly involved in the production of goods or services.

Indirect Labor

Labor costs not directly tied to the production of goods or services, such as maintenance staff and supervisors.

Work in Process

Goods partially completed in manufacturing, not yet ready for sale.

Raw Materials

The basic materials from which a product is made, used in the early stages of the production process.

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