Innovation That Improves Machinery, Power Sources and Other Capital Equipment

question 140

True/False

Innovation that improves machinery, power sources and other capital equipment will increase the demand for labor in the short run.

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Definitions:

Environment Scan

The process of collecting and analyzing information about the internal and external environment to identify opportunities and threats.

Best-Cost Provider

A strategy where a company aims to offer products or services that are of high quality and relatively low cost to attain a competitive advantage.

Porter's

Porter's frameworks involve strategic tools created by Michael Porter, such as the Five Forces analysis and the Value Chain, used for assessing the competitive environment and organizational capabilities.

Locally Grown

Refers to products, especially food items, that are produced and consumed within a relatively small geographic area.