A Company's Ability to Acquire Knowledge Is

question 66

Multiple Choice

A company's ability to acquire knowledge is:

• A) less important in the 21st century than in previous periods of business history.
• B) an important source of competitive advantage in virtually all industries.
• C) not considered an asset or resource for businesses.
• D) only important in high technology industries.

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Definitions:

Coordination Problem

Challenges that arise when parties involved in economic activity must align their plans and actions to effectively achieve their objectives.

Central Planning

An economic system where the government makes all decisions about the production and distribution of goods and services, often found in socialist economies.

Chain Reaction

A sequence of reactions where a reactive product or by-product causes additional reactions to take place, often leading to a self-sustaining series.

Innovation Lagged

The delay or slow pace in the development and adoption of new technologies, products, or processes.