Four Specific Ways in Which Leaders Can Contribute Effectively to Team

question 73

True/False

Four specific ways in which leaders can contribute effectively to team success are: rallying people around a compelling purpose; sharing control to spur commitment and motivation; clarifying norms and expectations; and never admitting ignorance to the issues at hand.

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Definitions:

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources it already owns for production, without direct payment.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Economic Profit

The difference between total revenue and total cost, including both explicit and implicit costs.