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Should an organization keep detailed records of its human resource management practices (selection procedures,performance appraisal procedures,etc.)if they have not been validated? Discuss the trade-offs involved.
Market System Characteristics
Features distinctive to market economies, such as private property, profit motive, consumer sovereignty, and competition.
Specialization
The concentration of the productive efforts of individuals or firms on a limited number of activities, leading to increased efficiency.
Production
The process of creating goods or services by combining various inputs like labor, materials, and technology.
Hyperinflation
An extremely high rate of inflation, usually defined as an inflation rate in excess of 50 percent per month.
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