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Briefly describe individual reward systems and team reward systems.
Decentralization
The process of distributing or dispersing functions, powers, people, or things away from a central location or authority.
Decision Making and Control
Processes involved in selecting among various options and implementing the selected course of action, ensuring objectives are achieved efficiently.
Binding Price Ceiling
A legally established maximum price for goods or services that is below the market equilibrium price, leading to shortages.
Binding Price Floor
A government or regulatory-imposed price control that sets a minimum price for a good or service, potentially leading to excess supply if set above the equilibrium price.
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