Examlex
It is advisable to have management from all levels participate in the strategy formulation process
Law of Diminishing Returns
An economic principle stating that adding more of one factor of production, while holding others constant, will at some point yield lower per-unit returns.
Age of Mass Consumption
A stage of economic development where a significant portion of the population engages in the widespread consumption of goods and services, often seen as indicative of a higher standard of living.
Permanent Underclass
A group within society that holds the absolute lowest rank in the social class structure, situated beneath the main portion of the working class.
Industrialized Nation
An Industrialized Nation is a country with a developed economy characterized by significant industrial activity, technological advancement, and higher living standards.
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