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Peter runs a non-profit educational organization with a small budget and very few full-time staff members.During the bulk of their programming in the summer,their staff swells to 35 or 40 part-time,temporary teachers.During the hiring process,Peter and the full-time staff carefully review the teachers' experience (from interviews and resumes) and use that information to put teachers into teams where they each bring something unique to the table.In these teams,teachers are in charge of planning all of their own activities,units,field trips,and lessons.They have to make proposals to the full-time staff for big trips,but otherwise,this frees up the full-time staff to trouble-shoot and deal with student issues.From a management perspective,which of the following benefits of work-teams is Peter maximizing?
Goods and Services
Products and activities that fulfill the needs or desires of consumers, with goods being tangible objects and services being intangible activities.
Factors of Production
The inputs used to produce goods and services, typically classified into four main categories: land, labor, capital, and entrepreneurship.
Money
A medium of exchange that facilitates trade, serves as a unit of account, a store of value, and can be in the form of coins, notes, or electronic.
Comparative Advantage
The ability of an individual or country to produce a particular good or service at a lower opportunity cost than others.
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