Explain the Impact Advances in Information Technology Has Had on Employees

question 12

Essay

Explain the impact advances in information technology has had on employees and managers.

Differentiate between the various basis of liability within product liability, including negligence, strict liability, and misrepresentation.

Comprehend the defenses available in product liability suits, such as product misuse and assumptions of risk.

Understand the role of negligence in product liability and the requirement of cause in fact and proximate cause.

Recognize the significance of quality control and the duty to warn in preventing product liability.

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Definitions:

Opportunity Cost

Opportunity Cost is the value of the next best alternative foregone as the result of making a decision.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.

Optimal Point

The most desirable outcome or position where benefits are maximized, and costs are minimized based on certain criteria or constraints.

Marginal Rate

The rate at which one variable changes with respect to a change in another variable, often used in the context of taxes or interest rates.