Since the Demand for a Resource Depends on the Demand

question 27

Multiple Choice

Since the demand for a resource depends on the demand for goods that the resource helps produce, the demand for each resource is

• A) an elastic demand.
• B) an independent demand.
• C) a derived demand.
• D) inversely related to the marginal productivity of the resource.

---

Definitions:

Market Comparisons

The process of comparing an organization's compensation levels, benefits, and job functions to similar positions in other companies within the same industry to establish competitive salaries.

Broad Banding

A method of salary structure that consolidates a large number of pay grades into fewer, wider ranges to offer greater flexibility in managing employee career progression.

Pay Grade

A step or level within a compensation system that determines the amount of pay an employee receives, based on their job or position.

Formal Education

Structured, curriculum-based education typically obtained from traditional educational institutions such as schools, colleges, and universities.