The Trade-Offs That Are Made Because of Scarcity

question 95

Multiple Choice

The trade-offs that are made because of scarcity

• A) are important in developing economies,but they do not apply to developed economies.
• B) are important in developed economies,but they do not apply to developing economies.
• C) are different when they involve the wants of people,but they are similar when they involve the needs of people.
• D) can be accurately made to the extent that they can be quantified.
• E) depend on the decision maker's value judgments about the relative importance of the alternatives.

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Definitions:

Mass Manufacturing

A production process characterized by the large-scale manufacture of standardized products, utilizing assembly lines and advanced technology to achieve high efficiency.

Work Specialization

The process of dividing work activities into separate job tasks to increase efficiency and productivity through focus on specific skills or functions.

Efficiency

refers to the effective use of resources to achieve objectives with minimal waste or effort, often maximizing output with given inputs in various contexts, including business and technology.

Training

refers to the process of enhancing the skills, knowledge, and competencies of employees through educational activities, aimed at improving their performance and productivity.