In a Brief Essay, Discuss How Managers Can Use Training

question 132

Essay

In a brief essay, discuss how managers can use training to shape team behavior.

---

Definitions:

Factor of Production

Inputs used in the production of goods or services to make an economic profit, including land, labor, capital, and entrepreneurship.

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information, leading to firms being price takers.

Equilibrium Wage

The pay rate where the amount of labor provided is equal to the amount of labor required.

Marginal Product

The additional output resulting from the use of one more unit of a variable input, such as labor or capital.