The Terms "Training" and "Development

question 97

Multiple Choice

The terms "training" and "development":

• A)mean the same thing.
• B)both refer to short term skill development efforts.
• C)refer to a short term performance orientation vs. a longer term skill development, respectively.
• D)refer to the skills developed in lower level vs. managerial employees, respectively.

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Definitions:

Resource Endowments

The natural resources, capital, and other economic assets that a country possesses, impacting its economic potential.

World Price

The international market price of a good or service, determined through global supply and demand interactions.

Diminishing Returns

The principle that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after reaching an optimal level.

Opportunity Cost

The act of foregoing potential opportunities for gain from several alternatives when deciding on one.