Examlex
In general,the best way to gather tacit knowledge is interactively,such as interviewing an employee with specific questions about how he or she would handle an issue.
Income Effect
Adjustments in the income of people or economic systems and the consequent impacts on how much of a good or service is desired.
Substitution Effect
The change in consumption resulting from a change in the price of a good, leading consumers to replace more expensive items with cheaper alternatives.
Backward Bending
A concept in labor economics where an individual's labor supply curve bends backwards, indicating that they will supply less labor as wages increase beyond a certain point due to the substitution of leisure for work.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource, a crucial factor in determining how many workers to hire in production.
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