Examlex
Controlling the cost of labor in services involves quick response to consumer demand, on-call labor for unexpected demand, flexibility of labor for reallocation, and flexibility of hours or rate of output of individual workers.
Central Planners
Individuals or groups responsible for coordinating economic activities and decisions in a centrally planned economy.
Market System
An economic system where decisions regarding investment, production, and distribution are based on supply and demand, and prices are determined in a free price system.
Production Goals
Targets set by a company regarding the quantity and quality of products to be produced within a certain timeframe.
Limited Resources
The finite availability of resources such as time, money, and materials, which constrains production, consumption, and allocation decisions.
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