A Job Specification Describes the

question 8

Multiple Choice

A job specification describes the

• A) working conditions encountered on the job.
• B) pay and benefits associated with the job.
• C) demands of the job.
• D) qualifications needed for the job.

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Definitions:

Average-fixed-cost Curve

A graphical representation showing how the average fixed cost of production decreases as the quantity of output increases.

Implicit Costs

The opportunity costs of using resources owned by the business for its operations instead of allocating them to their best alternative use.

Interest Rate

The expense associated with taking out a loan or the earnings from investments, usually shown as a percent of the total amount invested or borrowed.

Specialization

The process of focusing effort and resources on a limited number of activities to gain efficiency or expertise.