Both the ________ and the ________ of an Organization Determine

question 66

Short Answer

Both the ________ and the ________ of an organization determine the type of challenges it may face when managing employees.

---

Definitions:

Total Product

The overall quantity of output that a firm produces, typically over a specific period, given a certain level of input.

Marginal Product

The additional output that is produced by using one more unit of a particular input, assuming all other inputs remain constant.

Implicit Costs

The opportunity costs that arise from using resources that a company already owns for production, instead of earning revenue from these resources elsewhere.

Explicit Costs

Explicit costs refer to direct payments made to others in the course of running a business, such as wages, rent, and materials.